EBA’s objectives and tasks regarding consumer protection
The roles and tasks of the EBA related to consumer protection and financial activities are set out in Article 9 of the Regulation establishing the EBA as comprising the following tasks:
Completed and ongoing work
- Collect, analyse and report on consumer trends in the EU;
- Review and coordinate financial literacy and education initiatives;
- Develop training standards for the industry;
- Contribute to the development of common disclosure rules;
- Monitor existing and new financial activities;
- Issue of warnings if a financial activity poses a serious threat to EBA’s objectives; and
- Prohibit or restrain temporarily certain financial activities, subject to certain conditions being met.
- Publication, in February 2012, of a first report that set out the EBA objectives and work on consumer protection and financial innovation. The report summarized the outcomes of a first survey of national competent authorities aimed at identifying key issues and trends with regard to consumer protection in the EU banking sector;
- Organisation of the first EBA Consumer Protection Day on 25 Oct 2012 with 135 representatives from consumer organisations, the banking industry, national supervisory authorities, and academia, to discuss ongoing and future challenges on consumer protection and financial innovation across the EU.