Consumer protection and financial innovation

The EBA promotes a transparent, simple and fair internal market for consumers in financial products and services. The EBA seeks to foster consumer protection in financial services across the EU by identifying and addressing detriment consumers may experience, or are at risk of experiencing, in their dealings with financial firms. The role and tasks of the EBA related to consumer protection and financial activities include: collecting, analysing and reporting on consumer trends in the EU; reviewing and coordinating financial literacy and education initiatives; developing training standards for the industry; contributing to the development of common disclosure rules; monitoring existing and new financial activities; issuing warnings if a financial activity poses a serious threat to the EBA's objectives as set out in the its funding Regulation; and temporarily prohibiting or restraining certain financial activities, provided certain conditions are met.

Technical Standards, Guidelines & Recommendations

  • Guidelines on product oversight and governance arrangements for retail banking products

    The mis-conduct of financial institutions can cause significant consumer detriment, undermine market confidence, threaten the integrity of the financial system, and incur large costs to wider society. In order to address some of these conduct risks, the EBA has developed detailed Guidelines on product oversight and governance arrangements for the retail banking products that fall into its consumer protection remit, which are: mortgages, personal loans, deposits, payment accounts, payment services, and electronic money. The Guidelines provide a framework for robust and responsible product design and distribution by manufacturers and distributors.

    Status: Final and translated into the EU official languages

  • Guidelines on remuneration policies for sales staff

    The EBA has identified poor remuneration policies and practices as a key driver of miss-selling of retail banking products and services. These draft Guidelines on remuneration policies and practices are aimed at providing a framework for financial institutions to implement remuneration policies and practices that will improve links between incentives and the fair treatment of consumers, reduce the risk of mis-selling and resultant conduct costs for firms.

    Status: Under development

  • Regulatory Technical Standards on passporting under PSD2

    These Regulatory Technical Standards (RTS) on the framework for cooperation and exchange of information between competent authorities for passporting will ensure that information about those payment institutions that carry out business in one or more EU Member States is exchanged consistently between the national authorities of the home and host Member States. They distinguish the notifications related to branch establishments, agent’s engagement and free provision of services.

    Status: Under development

  • Regulatory Technical Standards on strong customer authentication and secure communication under PSD2

    The proposed Regulatory Technical Standards on strong customer authentication and secure communication are key to achieving the objective of the PSD2 of enhancing consumer protection, promoting innovation and improving the security of payment services across the European Union.

    Status: Under development

Opinions, Reports and other Publications





Other Publications