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Speaking at EIOPA’s first Consumer Strategy Day in Frankfurt on December 6, 2011, Chairman Gabriel Bernardino called for a paradigm shift or a “progressive change in mindset” on the way regulation deals with consumer expectations and to find the best way to evaluate markets from a consumer perspective. This was framed in the context of regaining trust by addressing corporate ethics and conflicts of interest.
The conference signposted a political determination to fully embed and channel consumer/user interests at the EIOPA level. Mirroring developments in the UK, it pledged to be more pro-active and employ early intervention strategies in the product design process. There was also the recognition - and statement of intent - that new processes and cooperation between all stakeholders will be necessary.
The Chairman’s keynote address confirmed that EIOPA will contribute to the work on the legislative proposals from the European Commission on the revision of the Insurance Mediation Directive (IMD); Packaged Retail Investment Products (PRIPS); Insurance Guarantee Schemes (IGS); and response to call for advice on the review of the Directive on the activities and supervision of the institutions for occupational retirement provision (IORP Directive).
An important new major strand of work will be to assess the impact of the Solvency II framework on product developments. EIOPA’s dependence on information-gathering and market expertise means that this is a significant opportunity for external interests to help inform the debate with an organisation and process which seeks to shape future outcomes in the retail financial services market. All stakeholders should take notice.