|
|
Additionally, Mr Bernardino highlighted that Consumer Protection is a two-way responsibility. On the one hand, there is a need for secure and well-capitalised insurance companies with sound strategies and robust risk management as well as good conduct of business rules. On the other hand, customers have the responsibility to provide relevant, comprehensive and accurate information on their situation and characteristics to obtain the product or service best tailored to the consumer’s needs.
Participants of the Consumer Strategy Day exchanged views at the three-panel discussions, addressing issues such as “fostering protection of policyholders and pension fund beneficiaries”, “tackling new or innovative financial activities”, and “anti-discrimination and assessment of risk”. The event was attended by around 130 representatives of consumer associations, insurance companies as well as supervisory authorities.
Furthermore, EIOPA presented an update of its activities relating to consumer protection and financial innovation. In 2011, EIOPA has put out for public consultation a 'Report on Good Disclosure and Selling Practices for Variable Annuities and Guidelines' and a 'Best Practices Report on Complaints-Handling by Insurance Undertakings'. It has also submitted to its Insurance and Reinsurance Stakeholder Group a Report on financial literacy and education initiatives by competent authorities. EIOPA is currently in the process of finalising a Report on insurance-specific consumer trends in the European Union.
EIOPA has also put out for public consultation its 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). The response envisages that the quality of information to be provided to the pension plan members and beneficiaries should be significantly improved. This includes the creation of a Key Information Document containing the most relevant elements that consumers will need in order to take informed decisions.
In 2012, EIOPA plans to contribute to the work on the legislative proposals from the European Commission on the revision of the Insurance Mediation Directive (IMD) and on Packaged Retail Investment Products (PRIPs).
“The purpose of the Consumer Strategy Day is to intensify a dialogue with consumer representatives, industry, supervisors and other stakeholders, and also to shape our priorities in terms of consumer protection and financial innovation”, commented Gabriel Bernardino, chairman of EIOPA. “Based on the preliminary feedback from participants, the event proved to be of major interest to both consumers and industry representatives and I hope that the Consumer Strategy Day can become a flagship event for EIOPA in the years to come.”