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COFACE Families Europe appointed in two European Supervisory Authorities’ Stakeholder Groups

Martin Schmalzried, COFACE Families Europe’s Policy and Advocacy Manager, has been reappointed at the European Banking Authority’s Banking Stakeholder Group (EBA BSG) and newly appointed at the European Insurance and Occupational Pensions Authority’s Insurance and Reinsurance Stakeholder Group (EIOPA IRSG) for a 4-year mandate, starting in July 2020. These stakeholder groups have been set up in order to advise the Authority on its regulatory actions in their respective mandate.

In both groups, COFACE Families Europe will be representing the interests of financial users/consumers, and especially work on the topic of financial inclusion or ensuring an access to good quality, affordable and accessible financial services for all citizens. In the EBA BSG, these are essentially access to a basic bank account, and certain key financial products such as a consumer credit or a mortgage loan. In the EIOPA IRSG, the focus will be on basic insurance products such as health insurance, motor insurance, house insurance and other essential insurance products which all families need.

More specifically, some key topics which COFACE Families Europe intends to bring to the table include:

– The stability of a financial system under the threat of a global recession, and considering alternative economic and monetary models and theories which would enable better macro level stability;
Examining the risks and opportunities stemming from fintechs and crypto-assets/blockchain technology;

– Recent technological developments such as the availability of Big Data and the capability to process and interpret these data sets with advanced algorithm;

– The enduring stability of the insurance sector and create the conditions for the development and availability of fair, affordable and quality insurance products;
Revisiting the principle of risk mutualisation/socialisation and strong consumer protection in financial services.

For more information, please contact Martin Schmalzried: mschmalzried@coface-eu.org

Or visit the official websites of the EBA BSG and EIOPA IRSG:

https://eba.europa.eu/about-us/organisation/banking-stakeholder-group
https://www.eiopa.europa.eu/about/working-stakeholders/insurance-and-reinsurance-stakeholder-group_en

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