EBA: Financial Innovation and Consumer Protection - an overview of the objectives and work of the EBA’s SCFI in 2011-2012

01 February 2012

The European Banking Authority published an overview of the objectives and work of the EBA's Standing Committee on Financial Innovation (SCFI) in 2011-2012, in the areas of consumer protection and financial innovation.

The regulation establishing the EBA requires the establishment of a Committee on Financial Innovation (article 9). The main objective of the EBA’s Standing Committee on Financial Innovation (SCFI), which was established in May 2011, is assisting the EBA in fulfilling its mandate in the areas of financial innovation and consumer protection, as described in article 9 EBA regulation.

From 2012 onwards, the EBA will publish a yearly report, prepared by the SCFI, identifying areas of concern in both the consumer protection and financial innovation areas of the banking sector, as well as areas where these two intersect. This will include recommendations to EBA’s Board of Supervisors (e.g. for EBA to do further work or to take corrective or restrictive action), to national supervisory authorities (e.g. to examine further or address an issue locally), or to the Commission (e.g. for regulation).

Full report

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