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Financial Services User Group: new mandate

On 25-26 September, the Financial Services User Group (FSUG) held their second meeting of their new three year mandate. COFACE Families Europe has been a member of the FSUG since the last mandate and will continue to participate in the group, bringing its perspective on financial inclusion and protecting vulnerable families in financial services.

During the meeting, the FSUG has decided on its work priorities during the next 3 years. COFACE Families Europe will be focusing on the challenges brought by digitalisation, big data, algorithms and fintech, discrimination in accessing insurance products, the issue of creditworthiness checks, and monitoring and responding to various consultations and European Commission proposals.

At present, the European Commission is working on several topics:

  • The REFIT exercise of evaluating current legislation will be applied to the Motor Insurance Directive, one of the aims being to facilitate the portability of “Bonus Malus”.
  • The consultation on Reducing the costs of financial transactions across Europe, especially between non-euro countries and euro countries. A study on this issue will be published by end of October and the EU Commission will then decide on the best course of action.
  • Finally, the EU Commission is starting its work under the “Consumer Financial Services Action Plan”, and specifically presented four areas where the input from the FSUG will be sought after: easier product switching, comparison tools, consumer protection rules and Digital identity checks.

For more information, contact Martin Schmalzried, COFACE Senior Policy and Advocacy Officer: mschmalzried@coface-eu.org