FN: European super-regulators too close to industry

19 September 2011

Groups representing consumers of financial services have accused two of the new European super-regulators of stuffing their advisory bodies with industry representatives. A formal complaint has been filed against both the EBA and the European Insurance and Occupational Pensions Authority.

The formal complaint has been made to European ombudsmen by EuroInvestors, a lobby group representing national organisations of financial services users, supported by BEUC, the European consumer organisation. The regulators are also said to have violated the requirement that they balance representation on stakeholder groups between users and providers of financial services.

There are three stakeholder groups spread across the regulators – one group for the EBA and two for the EIOPA covering pensions and insurance. At the heart of the dispute are the number of so-called "retail users" in the steering groups of the two associations.

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