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Expert group submits recommentations to EU Commission

Expert group submits recommentations to EU Commission

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​​​ESBG German member ​​DSGV's Schackmann-Fallis: "Making financial innovations accessible to as many customers as possible"​


>> See press release on DSGV website​

>> See final report of Expert Group on Regulatory Obstacles to Financial Innovation

>> WSBI Innovation Hub

>> ESBG position on innovation


​BERLIN, 13 December 2019 – Innovative financial services can be achieved using new technologies. An international group of experts, with the participation of Sparkassen-Finanzgruppe  the WSBI-ESBG member in Germany  has addressed the question of how banking regulation should deal with this. Today this group is presenting its recommendations to the European Commission.

"Technological innovations are changing our everyday lives ever faster. This is particularly the case with new financial services. In the future, it will continue to be important to provide as many customers as possible with easy access to modern digital products. This begins with the regulatory requirements for these products," said Karl-Peter Schackmann-Fallis, Managing Director of the Board of the German Savings Banks Association (DSGV), on the occasion of the presentation of the report today in Brussels.

The report ​of the expert group "Regulatory obstacles to financial innovation" (ROFIEG) includes recommendations to ensure equal competitive conditions for new and established market participants, such as start-ups, banks and savings banks, as well as technology companies throughout the EU. Future regulatory requirements should constructively evaluate the opportunities and risks of dealing with data. Positive and negative effects of technological developments in the financial services sector should be considered allowing for the fact that they can be used by as many people as possible. 

The expert group "Regulatory obstacles to financial innovation" was set up by the European Commission as part of its 2018 FinTech Action Plan to review the suitability of the European legal and regulatory framework for technology-driven financial innovation, and to identify barriers that may hamper its development in the EU. 

The Deutscher Sparkassen- und Giroverband (DSGV – German Savings Banks Association) is the umbrella organisation of the Sparkassen-Finanzgruppe (Savings Banks Finance Group). The organisation includes 379 Savings Banks, seven Landesbank Groups, DekaBank, eight Landesbausparkassen, eleven direct insurer groups of the Savings Banks and many other financial service providers.

For more information, please contact:

German Savings Banks Association, Charlottenstrasse 47, 10117 Berlin
Phone +49-30-20225-5115, fax +49-30-20225-5119, presse@dsgv.de
www.dsgv.de

Stefan Marotzke
(Political, Economic and Group Policy Issues)
Phone: +49-30-20225-5110, stefan.marotzke@dsgv.de

Thomas Rienecker
(Market and Corporate Issues)
Phone: +49-30-20225-5112, thomas.rienecker@dsgv.de

Michaela Roth (DSGV Brussels office)
(European Financial Issues, International Matters)
Phone: +32-2-7401643, michaela.roth@dsgv.de





Innovation; Innovation Hub; Digitalisation; European Institutions