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ESBG response to EBA survey for Consumer Trends Report

ESBG response to EBA survey for Consumer Trends Report

​Unclear regulatory status of FinTechs one of most relevant consumer issues


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BRUSSELS, 1 August 2018 – ​ESBG responded yesterday t​o the European Banking Authority's Survey for the Consumer Trends Report. ESBG believes that the one of the five most relevant issues for consumers is the unclear regulatory status of FinTech firms, which also impacts consumer protection, leading to unclear consumer rights. Other issues refer to the transparency and disclosure of pre-contractual information and changes to contractual terms and conditions, financial literacy and education, low interest rate environment (credits and/or deposits) and complaints management by financial institutions. Other ongoing policy developments might also impact data breaches and cybersecurity. ESBG will continue to follow developments regarding consumer trends and analyse and contribute to the EBA's work on consumer protection.

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Innovation; Innovation Hub; European Institutions; European Supervisory Authorities (EBA-ESMA); Consumer protection; Regulation