THE EBA AT A GLANCE
Consumer Protection, Financial
Innovation and Payments
The EBA promotes a transparent, simple and fair in-
ternal market for consumers in financial products and
services. It fosters consumer protection in financial
services across the EU by identifying and addressing
detriment consumers may experience, or are at risk
of experiencing, in their dealings with financial firms.
Ensuring that EU consumers have confidence in finan-
cial and banking systems across the EU is an essential
aspect for the efficiency and smooth running of the EU
banking sector. The EBA provides the pan-EU regulatory
framework, which guarantees that financial innovation
in the EU banking sector is beneficial for both institu-
tions and consumers.
The work of the EBA in the field of consumer issues
applies to a wider range of banking and financial insti-
tutions, including credit intermediaries, non-bank cred-
itors, payment institutions, mortgage credit providers
and electronic money institutions. The EBA looks into
key areas for EU consumers: from mortgages to cred-
it and saving products, including credit cards and pay-
ment services, as well as emerging issues such as vir-
tual currencies. In these sectors, the EBA is also called
on to monitor financial innovation in order to provide
early assessments on a wide-ranging set of potential
risks that may arise, such as regulatory arbitrage, mon-
ey laundering, financial crime, financial stability and
market confidence, as well as consumer detriment.
The role and tasks of the EBA related to consumer pro-
tection and financial activities are wide, and include:
reporting on consumer trends in the EU, reviewing fi-
nancial literacy and education initiatives, developing
training standards for the industry, monitoring existing
and new financial activities and issuing warnings if a fi-
nancial activity poses serious threats.
The EBA also contributes to the development of a regula-
tory framework that is aimed at ensuring secure, efficient
and easy retail payments across the single market.
Action in emergency situations
The EBA is also called on to coordinate the activities of
EU supervisory authorities in the case of any adverse
developments which may seriously jeopardise the or-
derly functioning and integrity of financial markets or
the stability of the financial system in the EU.