Financial Innovation and Consumer Protection

The EBA publishes today an overview of the objectives and work of the EBA's Standing Committee on Financial Innovation (SCFI) in 2011-2012 in the area of consumer protection and financial innovation.

The regulation establishing the European Banking Authority (EBA) requires the establishment of a Committee on Financial Innovation (article 9). The main objective of the EBA‟s Standing Committee on Financial Innovation (SCFI), which was established in May 2011, is assisting the EBA in fulfilling its mandate in the areas of financial innovation and consumer protection, as described in article 9 EBA regulation. 

From 2012 onwards, the EBA will publish a yearly report, prepared by the SCFI, identifying areas of concern in both the consumer protection and financial innovation areas of the banking sector, as well as areas where these two intersect. This will include recommendations to EBA‟s Board of Supervisors (e.g. for EBA to do further work or to take corrective or restrictive action), to national supervisory authorities (e.g. to further examine or address an issue locally), or to the Commission (e.g. for regulation).