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Joint ESAs Consumer Protection Day Summary

Event Overview

The Joint ESAs Consumer Protection Day was held on 4 June 2014 at the Royal Institute of British Architects (RIBA) in London. The event was organized by the European Supervisory Authorities (ESAs) and aimed to address key issues in consumer protection within the financial sector. It featured a series of presentations, panel discussions, and audience engagement sessions.

Core Content and Structure

The event was structured around several key themes, each with dedicated sessions and discussions:

1. Registration and Coffee

• Time: 09:00-10:00
• Purpose: Attendees registered and had coffee before the formal sessions began.

2. Opening Session

• Time: 10:00-10:20
• Speaker: Andrea Enria, Chairperson of the EBA and Chair of the Joint Committee of the ESAs
• Main Topic: Opening remarks on the importance of consumer protection in the financial sector.

3. Product Oversight and Governance (POG)

• Time: 10:20-12:00
• Presentation: Professor Roger McCormick (London School of Economics)
• Duration: 15 minutes
• Main Focus: The role of product oversight and governance in ensuring consumer protection at the EU level.
• Discussion Points:
  • How to set POG obligations at the EU level.
  • What further actions should be taken after the ESAs' POG Principles, MiFID II, and SII.

4. Behavioural Economics/Finance

• Time: 13:30-15:00
• Main Topic: The application of behavioural evidence in policy-making and supervision.
• Discussion Points:
  • How to use behavioural evidence to improve consumer protection.
  • Use of behavioural finance as a supervisory tool.
  • PRIPs (Packaged Retail and Insurance-based Investment Products) as a case study, focusing on standardization of information and risk indicators.
• Panel Participants:
  • Wijnand van de Beek (AFM)
  • Owain Service (UK Cabinet Office)
  • Olivier Micol (European Commission)
  • Giuseppe D'Agostino (CONSOB)
• Moderator: Jesper Lau Hansen (University of Copenhagen)

5. Presentation on Cross-Selling

• Time: 15:00-15:30
• Speaker: Verena Ross, Executive Director of the ESMA
• Main Topic: The impact of cross-selling on consumers and the joint work of the ESAs on this issue.
• Discussion Points:
  • When cross-selling is beneficial or harmful to consumers.
  • ESAs' collaborative efforts in regulating cross-selling practices.

6. Financial Innovation

• Time: 16:00-17:15
• Main Topic: The role of technology in transforming financial markets and its implications for consumer protection.
• Discussion Points:
  • Examples of financial innovation: crowdfunding, virtual currencies, mobile payments, telematics, and high-frequency trading.
  • How regulators should use new intervention powers to address risks in investment products.
• Panel Participants:
  • Jacques Amselem (Allianz Telematics)
  • Monique Goyens (BEUC)
  • Dan Waters (ICI Global, tbc)
• Speaker: (tbc)
• Moderator: (tbc)

7. Closing Remarks

• Time: 17:15-17:30
• Speaker: Carlos Montalvo Rebuelta, Executive Director of the EIOPA
• Main Topic: Summary and closing thoughts on the day’s discussions and their implications for future consumer protection strategies.

Main Views and Key Information

• Product Oversight and Governance (POG):
  The ESAs emphasized the need for harmonized POG obligations across the EU to ensure consistent consumer protection standards. The discussion also highlighted the importance of continuing to refine these principles in light of evolving financial products and regulations.

• Behavioural Economics/Finance:
  The panel discussed the potential of using insights from behavioural economics to design more effective consumer protection policies. Emphasis was placed on improving the clarity and salience of financial information, particularly for PRIPs, to counteract cognitive biases and enhance consumer engagement.

• Cross-Selling:
  ESAs explored the dual nature of cross-selling—its potential benefits in providing bundled services and its risks of misleading consumers. The focus was on balancing innovation with transparency and fairness in financial services.

• Financial Innovation:
  The session highlighted the rapid technological changes in financial markets and the need for regulators to adapt. Panelists stressed the importance of monitoring emerging technologies and ensuring that new intervention powers are used responsibly to protect consumers and maintain market stability.

• Consumer Protection and Regulatory Adaptation:
  A recurring theme was the necessity for regulators to be agile and responsive to new financial trends, ensuring that consumer protection remains a priority in an increasingly digital and complex financial landscape.

Conclusion

The Joint ESAs Consumer Protection Day provided a comprehensive platform for discussing the evolving challenges and opportunities in consumer protection within the EU financial sector. It brought together leading regulators, academics, and industry experts to explore how product oversight, behavioural insights, and financial innovation can be harnessed to better serve consumers while maintaining market integrity and stability.