15 January 2014

EIOPA publishes review of consumer trends methodology

It is intended that consumer trends will be used on an ongoing basis to identify key consumer protection issues and inform the work of EIOPA and NSAs.

A Methodology sub-group was formed by the Committee on Consumer Protection and Financial Innovation (CCPFI) in early 2012 to develop a methodology for collecting, analysing and reporting on consumer trends. The work of this subgroup culminated in the publication by EIOPA in December 2012 of the “Methodology Report for Collecting, Analysing and Reporting on Consumer Trends” (methodology report).

From the outset the methodology report recognised that there would be significant shortcomings in the data that would form the basis for much of the intended annual consumer trends report.

While the quantitative data set was not fully harmonised, the approved methodology report provided categorisations and definitions for Member States to follow when submitting data to meet the information requirements. Some of the definitions were more detailed than others. In submitting data some Member States did not apply these accurately and/or only provided data where available, or only in available formats, while others did not submit any data at all in some categories; this is consistent with the agreed ‘best efforts’ approach.

Finally, the methodology report, in recognition of the expected shortcomings, suggested a number of issues be considered in the future as set out in the extract below:

• Review or refine methodology including the templates;
• Review timeline and actions for future reports;
• Review the variables used for comparisons, trends identification, and analysis of data on consumer trends;
• Harmonise data - the previous sections suggest that the use of quantitative evidence can be further improved if Members States would agree on a certain level of harmonisation. Developing common categories for the quantitative templates would help to reduce any inconsistencies in the data, and may make it easier for Member States to put their own work into perspective; and
• Consider other sources of data.”

The methodology report envisaged that the above work would be the subject of a review to take place in December 2013/January 2014. Given the synergy to be derived from considering the issues while the 2012 consumer trends report is being written, the review work commenced during the summer with a view to meeting the December 2013/January 2014 deadline.

Full review

© EIOPA