EBA updates on consumer trends in 2015
18 June 2015
Apart from the trends highlighted in last year's report, the European Banking Authority pointed out for the first time the use of banking consumer data, and negative interest rates and its effects on consumer contracts.
In 2015, the EBA identified eight relevant trends that may be the basis for potential future work in the area of consumer protection. Of these eight trends, six remain since last year's report, namely:
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household indebtedness, with a specific focus on mortgages;
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transparency and comparability of banking fees;
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innovation in payments;
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structured deposits;
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commercial selling practices and remuneration, in particular, as a key causal driver of mis-selling; and
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alternative financial services providers.
For the first time, the report highlighted two trends, such as the use of banking consumer data, which is increasingly used by financial and other institutions to generate additional revenue; and negative interest rates and its effects on consumer contracts, both on deposits and loans.
The EBA has already started to address some of these trends, and will use the findings of the report as input when developing and publishing its work programme for 2016, later this year.
The report also summarises how the EBA has addressed the issues identified in last year's report. The measures taken include one Regulatory Technical Standard on the minimum amount of professional indemnity insurance, two Guidelines on provisional lists of most representative services linked to a payment account and on security of internet payments, three consultation papers on draft guidelines on creditworthiness assessments, on arrears and foreclosure, and on product oversight and governance, and two opinions on virtual currencies and on lending-base crowdfunding.
© EBA
