The European Insurance and Occupational Pensions Authority has published a report on feedback from National Competent Authorities on its opinion on Payment Protection Insurance.
EIOPA published an Opinion on Payment Protection Insurance (PPI) in June 2013 and requested feedback from National Competent Authorities (NCAs) on any market investigations, regulatory and/or supervisory actions.
Over half of the responding NCAs indicated that they are taking (or have taken/are planning to take) regulatory/supervisory action in their respective national markets. These include starting new investigations and adopting or consulting on regulatory measures.
Some NCAs have chosen not to take any specific action on the grounds that they see no consumer protection issues in this market or would like to address potential problems in a more general framework examining sales practices.
To discuss recent developments in and promote information exchange regarding PPI markets EIOPA has organised a workshop in April 2014 that featured country case studies and presentations by numerous NCAs and industry experts.
Based on the report, we conclude that the EIOPA opinion certainly triggered significant developments in a number of national markets while in others new actions follow previous initiatives. Although many of these developments are at their early stages, most of the recent developments can be said to focus on information provision, cross-selling/commission issues and selling practices in general. At the current stage, it seems advisable that EIOPA continues to monitor national developments, and decides on any potential follow-up action at a later stage.
Full report
© EIOPA
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