On the 5th of July, The EBA BSG held one of their four annual meetings in London. COFACE Families Europe has been a member of the BSG for over a year now.
Several work streams and announcements during the meeting will be followed closely by COFACE Families Europe in the coming months and next year.
First, the EBA staff announced the publication of the Consumer Trends report for 2017, which is of particular importance to consumer representatives to monitor potential issues in the area of banking and finance that could require attention from EBA and the BSG.
Second, the BSG discussed an important document about Regulatory Sandboxes to be published later this year. Sandboxes are deemed an important tool to help close the regulatory gaps which may arise from innovative Fintech solutions which do not easily fit in the current regulatory framework. However, their specific remit and functioning greatly affects the overall outcome for consumers, which is why it is of utmost importance to ensure that they have a strong mandate in consumer protection.
Finally, the EBA presented their general work plan for 2018, one of the priorities being Fintechs. COFACE Families Europe is actively involved in the field of Fintechs to ensure that the innovations brought forward will indeed serve the best interest of society including fostering financial inclusion of the most vulnerable. So far, it is unclear whether Fintechs will help solve issues such as overindebtedness or financial exclusion. In a piece last year, COFACE Families Europe stressed that many innovative Fintechs can be detrimental to consumers and will thus be closely following EBAs work on the topic of Fintechs.
For more information, contact Martin Schmalzried at firstname.lastname@example.org