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THE EBA AT A GLANCE

9

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.