ERFF: European Retail Financial Forum
RFS Spotlight June 2017
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Monthly EU Retail Financial Services update
Since its launch in October 2015, ERFF has been working with representatives of business, consumers, and EU policymakers to create consensus on value-added ways to open up EU retail financial services (RFS) markets. ERFF’s RFS Spotlight brings you news on EU RFS policy, events, and creating benefits for customers and industry.
Innovative use of data sparks wide discussion
ERFF’s latest workshop, on the innovative use of data in retail financial services, generated thought-provoking exchanges on data ownership and the fundamental rights of citizens; data portability and rights of access; the link between data sharing, competition and level playing fields for all; and increasing choice and innovation through sharing with FinTechs and startups. These topics were discussed against the background of an array of upcoming legislation from GDPR, PSD2 and AML4 through to the EU’s Free Flow of Data Initiative, ePrivacy rules and of course, the Commission’s Action Plan on Retail Financial Services.
 Kindly hosted by Martin Siecker, President Internal Market Section EESC, and moderated by MEP Sophie in’t Veld, on 6 June at the EESC, the open discussion followed presentations from: Peteris Zilgalvis, Head of Unit Startups and Innovation, DG CONNECT; Paulo Silva, Policy Officer Retail Financial Services and Payments, DG FISMA; Wojciech Wiewiórowski, Assistant Supervisor, EDPS; Larisa Tugui, Policy Expert, EBA; Cornelia Schwertner, Head of Regulation, figo and Co-Chair, European FinTech Alliance, and Bernd Rakers, Policy Advisor, Allianz, ERFF member. Read more…
Meanwhile…
We hear that the EU Task Force on Financial Technology will be working hard over the summer to analyze the responses to its public consultation (a couple of hundred replies). It is discussing closely with colleagues in DG FISMA and the European Parliament’s IMCO Committee, and aims to synergize any proposed initiatives with those in other areas including Capital Markets Union (CMU), the Digital Single Market (DSM), data protection and the Commission’s Action Plan on Retail Financial Services. The results are likely to be published in October.
Staying with FinTech, on May 17 the European Parliament (EP) adopted a resolution on MEP Cora van Nieuwenhuizen’s report for the ECON Committee – FinTech: the influence of technology on the future of the financial sector. Welcoming developments in FinTech, the EP called on the Commission “to draw up a comprehensive FinTech action plan in the framework of its Capital Markets Union (CMU) and Digital Single Market (DSM) strategies”. The resolution also emphasised three principles for legislation and supervision: “Same services and same risks: the same rules should apply, regardless of the type of legal entity concerned or its location in the Union; technology neutrality; and a risk-based approach, taking into account the proportionality of legislative and supervisory actions to risks and materiality of risks.”
At the end of May, the ECON committee followed up with its thoughts on the European Commission’s Action Plan on Retail Financial Services (launched March 2017). The draft report, drawn up by the rapporteur Olle Ludvigsson, considers the “main strands of work identified by the Commission …. worth pursuing”, but believes several issues have not been “credibly addressed”. Addressing all 12 points of the Action Plan, the draft report highlights areas where it sees more to be done particularly on currency conversion, setting-up of an EU comparison website, switching, digital on-boarding, and mitigating the risk of over-indebtedness as access to credit is expanded. The draft report also calls on the Commission to be more proactive in using the CMU, and for stronger enforcement of financial legislation on consumer protection and transparency at national and EU level. The ECON Committee is scheduled to vote on the draft report in October.
On the subject of CMU, on 8 June the Commission published its mid-term review of the CMU Action Plan. The review talks of further “harnessing the potential of FinTech” and sets out a priority action to assess the case for an EU licensing and passporting framework for FinTech activities in Q4 2017. On retail investment, the document notes that the Commission is “gearing up work with the European Supervisory Authorities (ESAs) on increasing the transparency and comparability of costs and performance of retail investment and pension products.” The Commission will also move ahead on a legislative proposal on a Pan-European Personal Pension Product (PEPP) by end of June 2017.
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Coming up…
Workshop on eID and digital on-boarding, 3 October 2017, Brussels – hosted by the European Commission, this full-day workshop will allow participants to hear preliminary results of a study mapping digital on-boarding practices across the EU, and to share experiences and feedback which will be used to enrich the final report. Register here, before 22 September 2017
About ERFF
The European Retail Financial Forum (ERFF) brings together around one table consumers, business and policymakers to support the opening up of retail financial markets in Europe. Representing all aspects of the retail sector – traditional, wider investment and digital – we are customer-focused, favour removing key barriers, and increasing choice and transparency for all in ways that keep Europe competitive.
For further information, please contact us at: info@erff.eu
ERFF Secretariat
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