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The Chairpersons of the three European Supervisory Authorities (ESAs) – EBA, EIOPA and ESMA – sent a joint letter on cross-selling of financial products to Jonathan Hill, the European Commissioner for Financial Stability, Financial Services and Capital Markets Union.
The ESAs ask the European Commission to further assess the differences in the existing legislation and to consider any necessary steps in order to ensure that the ESAs can regulate cross-selling practices in a consistent way across the three sectors, to the benefit of consumers, financial institutions, and supervisory authorities.
A possible opportunity to do so would be in the context of any follow-up the Commission may decide to pursue when addressing the responses to its recently published Green Paper on Retail Financial Services in the Banking and Insurance Sectors and/or to its Call for Evidence on the regulatory framework in financial services.