Featured Product

    EBA Publishes Annual Consumer Trends Report for 2017

    June 28, 2017

    EBA published its annual consumer trends report for 2017. The report covers the retail banking products that fall in the EBA's consumer protection mandate, including mortgages, personal loans, deposits, payment accounts, payment services, and electronic money.

    The report also provides an overview of the topical issues identified in 2017 that may impact consumers and other market participants and these topical issues are indebtedness, banking fees and costs, selling practices, innovation in payments, foreign currency loans, alternative financial services providers, and innovative uses of consumer data. The report summarizes, where relevant, the measures EBA has taken to address some of the identified issues, including technical standards and guidelines related to the security of payment transactions, the transparency and disclosure of information on payment accounts, and the mis-selling of financial products. This report builds on information provided by the national competent authorities of the 28 EU member states as well as on input received from a selection of national consumer associations and the EBA Banking Stakeholder Group. Due to budget constraints, the external sources of information that EBA had used in previous years could not be drawn upon for the 2017 Report. 

     

    In its continued monitoring effort on the retail banking products, EBA has observed that mortgages continue to have the biggest impact on consumers, though consumer credit has seen a rapid increase in demand. Nevertheless, consumers tend to complain to their national competent authorities mainly about payment accounts and payment services. Due to the low interest rate environment, EBA has observed a gradual increase in the level of indebtedness across the EU as well the introduction of new or the increase in already existing fees and charges on payment accounts and loans. Security of innovative payment instruments and solutions was also highlighted as an important issue for consumers. However, issues such as selling practices and foreign currency loans, while still relevant for consumers, showed a slight decrease in importance.

      

    Related Link: Consumer Trends Report 2017 (PDF)

    Keywords: EBA, Europe, Consumer Trends, Report, Banking

    Related Articles
    News

    SEC Adopts Rules and Amendments Under Regulatory Regime for Swaps

    SEC announced that it took a significant step toward establishing the regulatory regime for security-based swap dealers (SBSDs) by adopting a package of rules and rule amendments under Title VII of the Dodd-Frank Act.

    September 19, 2019 WebPage Regulatory News
    News

    APRA Revises Standard on Margin Rules for Uncleared Derivatives

    APRA revised CPS 226, which is the prudential standard on margin and risk mitigation requirements for non-centrally cleared derivatives.

    September 19, 2019 WebPage Regulatory News
    News

    BIS Formalizes Agreement to Set Up Innovation Hub in Hong Kong SAR

    BIS and HKMA signed the Operational Agreement on the BIS Innovation Hub Center in Hong Kong Special Administrative Region (SAR).

    September 18, 2019 WebPage Regulatory News
    News

    PRA Proposal on Probability of Default and LGD Estimation

    PRA proposed, via the consultation paper CP21/19, an approach to implementing EBA’s recent regulatory products relating to Probability of Default (PD) estimation, Loss Given Default (LGD) estimation, and the treatment of defaulted exposures in the internal ratings-based (IRB) approach to credit risk.

    September 18, 2019 WebPage Regulatory News
    News

    PRA Issues Consultation on Prudent Person Principle Under Solvency II

    PRA, via the consultation paper CP22/19, has set out its proposed expectations for investment by firms, in accordance with the Prudent Person Principle (PPP).

    September 18, 2019 WebPage Regulatory News
    News

    CFTC Extends Comment Period for Proposals on Cross-Border Clearing

    CFTC announced that it is extending, until November 18, 2019, the comment period for the proposal for an alternative compliance framework for derivatives clearing organizations (DCOs) that are organized outside of U.S. and that do not pose substantial risk to the U.S. financial system.

    September 18, 2019 WebPage Regulatory News
    News

    BNM Publishes Financial Stability Review for the First Half of 2019

    BNM published Financial Stability Review for the first half of 2019.

    September 18, 2019 WebPage Regulatory News
    News

    APRA Observations from Thematic Review on Recovery Plans of Insurers

    APRA issued a letter to general insurers and life insurers, outlining observations from a recent thematic review on recovery planning by insurers.

    September 18, 2019 WebPage Regulatory News
    News

    FASB Issues Summary of Tentative Board Decisions at September Meeting

    FASB published a summary of the tentative decisions taken at its Board meeting in September 2019.

    September 18, 2019 WebPage Regulatory News
    News

    EIOPA Forms Consultative Expert Group on Digital Ethics in Insurance

    EIOPA established the Consultative Expert Group on Digital Ethics in Insurance to assist EIOPA in the development of digital responsibility principles in insurance.

    September 17, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3848