Consumer Protection Day - Detailed Programme


  • ​Keynote speech by Olivier Guersent, DG FISMA’s Director-General​

​Olivier Guersent is the Director General Financial Stability, Financial Services and Capital Markets Union of the European Commission​​

  • PANEL 1 - A truly European market for retail financial services?
This panel will discuss a number of important questions:

  • ​Does the current EU regulatory framework, and specifically the EU pass-porting regime of financial products and services, fully realise the potential of the EU single market for European consumers? 
  • What are the main issues consumers are facing?
  • What changes will the Capital Markets Union and Action Plan on Retail Financial Services bring to consumers? 
  • Will the single market financial services directives such as the Mortgage Credit Directive, Payment Accounts Directive, Insurance Distribution Directive and Markets in Financial Instruments Directive (MiFID) II succeed in achieving an integrated single market ensuring a high level of protection for consumers? 
  • What role can the ESAs play in this context?
  • PANEL 2 - Big Data in the financial sector

The ever increasing use of big data is revolutionising the way products and services are marketed. It creates opportunities and challenges for financial institutions and regulators. Big Data enables to profile consumers, identify patterns of consumption and make targeted offers. This raises questions about firms expected behaviours in order to comply with their overarching obligations. ​

  • Are the sectoral regulatory frameworks adequate to address the challenges raised by big data? 
  • Which regulatory and/or supervisory measures could or should be taken to address this new trend?

The establishment of a single rulebook is a necessary, but in itself not sufficient, activity to work towards a sound and effective protection of consumers in the financial sectors. Supervision (including supervisory convergence) is an important complementary activity, as it ensures that consumer protection rules are properly enforced and therefore achieved in practice. However, supervision is an activity which comes with a number of challenges in the current context. How can the supervisory convergence efforts undertaken at ESAs level contribute to increasing the effectiveness of the enforcement of such provisions? The panel will notably discuss the issues associated with supervising the new rules on product oversight and governance, remuneration as well as PRIIPs.

A detailed programme is here​​​.​​