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19 June 2014

ESAs(欧州監督機構)、共同消費者保護デーを開催


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Consumer and investor protection is a common statutory objective of the three European Supervisory Authorities (ESAs). As part of this objective, the ESAs organised the second Joint ESAs Consumer Protection Day in London.


The event provided a platform to discuss consumer protection-related issues in the financial services area and gathered more than 300 participants from consumer representatives, academics, legal and financial consultants, national supervisors, experts from EU and national institutions and financial services industry (banking, securities, insurance and pensions).

Andrea Enria, Chairman of the EBA and the current Joint Committee Chair, opened the sessions emphasising the importance of the clarity and strength of the legislation that defines the ESAs' tasks and instruments, including the resources that are assigned to the ESAs. Enria spoke about the first joint and cross-sectoral outputs on consumer protection and financial innovation delivered by the ESAs: such as the Joint Position on manufacturers' product oversight and governance processes, and the Guidelines on complaints handling which ensure a consistent approach to complaints handling across the banking, investment and insurance sectors in the EU. He also outlined upcoming areas of work for the Joint Committee on consumer protection, such as self-placement, cross-selling and Key Information Documents (KIDs) for investment products. Enria concluded his speech by highlighting the important role of consumer representatives, academics, providers of financial services, and supervisors and regulators in the work of the ESAs.

The three Chairs of the ESAs then attended a Panel discussion on product oversight and governance, to discuss the ESAs achievements in this area, as well as points that still remain to be addressed. Professor Roger McCormick from London School of Economics followed with a presentation on conduct costs and banking culture.

Verena Ross, the Executive Director of ESMA, presented the work of the ESAs on cross-selling and outlined benefits and risks for consumers.

A panel discussion on Behavioural Finance explored some of the ways in which better understanding of consumers' behaviour has led to improvements in policy decisions. Panel members showed some practical examples, such as fine-tuning the language, tone and visual presentation used in correspondence, ensuring the right 'defaults' for products that have more than one option and banning pre-ticked boxes on internet pages.

Members of the Financial Innovation Panel presented their views on how to benefit from financial innovation, while controlling those risks that may cause harm to consumers and the financial system itself. Representatives of consumers, regulators and industry on the panel also discussed issues related to regulatory interventions on financial products and markets.

Press release

The Joint ESAs- Consumer Protection Day



© EBA


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