20 December 2012

EIOPA: Consumer Strategy Day 2012

EIOPA chairman Gabriel Bernadino gave a keynote speech underlining that the Consumer Strategy Day is now part of EIOPA's general policy of enhancing transparency and maintaining appropriate accountability towards stakeholders.

The purpose of the Consumer Strategy Day is to offer a forum for debates with stakeholders on important regulatory developments and topics on consumer trends. At the same time, the event provides EIOPA with an opportunity to obtain direct input from all interested parties and to exchange views and experience with representatives of consumer associations and industry.

At the event, EIOPA also reported on the achievements and progress made in the Authority’s work related to consumer protection and financial innovation. The presentation was followed by 3 moderated panel discussions, each of them addressing specific aspects of consumer protection:

I. Panel discussion on regulation of insurance intermediaries

The first panel discussion focused on a number of topics related to the regulation of insurance intermediaries in the light of the Commission’s IMD2 proposal, although it was stressed that the proposal also sought to broaden the scope to ensure consumer protection regardless of the distribution channel.

II. Panel discussion on Product Disclosures in Life Insurance

The second panel centered on the Commission’s proposal for a Key Information Document for Packaged Retail Investment Products (PRIPs) and the importance of an enhanced disclosure regime in a wider consumer protection context. At the outset the Commission explained the rationale for this initiative. Other panelists from the European Parliament, National Supervisory Authorities, Consumer Associations and Industry presented their views on the goals and the challenges of the proposed regulation. In addition, an update was provided on the preparatory work for the development of delegated acts and regulatory standards envisaged by the proposal.

III. Consumer Trends

The third panel started with an explanation of the methodology EIOPA has developed for collecting consumer trends. This enhanced methodology will be used as a basis for producing regular future consumer trends reports. It is a major step forward as it has been developed to collect both quantitative and qualitative information for analysis, trend identification and reporting. Data collection will be on a best efforts basis by member authorities.

Full information (includes link to keynote speech)

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