Joint ESAs Consumer Protection Day 2015 Programme




3 June 2015

Frankfurt am Main ​​

9:30 - 10:30​​​Registration + welcome coffee​
​​​10:30-10:40 ​​​Welcome words & Setting the scene
Steven Maijoor, Chair of the ESMA and Chair of the Joint Committee

​10:40 – 11:15​​

​Keynote speech

Jonathan Hill, European Commissioner for Financial Stability, Financial Services and Capital Markets Union​

​11:15 – 12:45

​​Panel Discussion: Conduct Risk

Developments in the banking, insurance and investment markets in recent years have shown that failures in the conduct of financial institutions can cause significant consumer detriment. Detriment arises to consumers either directly (i.e. the interaction between the financial institutions and the consumer, such as through mis-selling) or indirectly (i.e. through market-wide conduct failure, such as the manipulation of benchmark rates that lead to consumers being charged excessive prices). Additional impacts can occur via tax avoidance and money laundering.

Conduct failings lead to detriment for individual consumers. If the conduct failure results in reputational damage, compensation pay-outs, fines, or litigation it can directly impact firms. And if the failure is widespread in a particular market, it can undermine consumer confidence in the product/firm and may thus have more systemic impacts. There is also a growing realization in the industry itself of the impact that conduct risks can have for individual companies and for markets as a whole. This underlines the crucial importance of tackling ‘conduct risk’ wherever and however it arises, in the interest of consumers and the industry. 

The panel on conduct risks session will:

  • discuss with audience participants the ways in which conduct risks have materialised across the EU, examining what this can mean for individual consumers and the wider consequences (exploring, e.g., mis-selling of banking, insurance and investment products);
  • explore new types of conduct risk and how to consistently spot them ahead of time and assess their potential direct or indirect impacts;
  • examine new supervisory tools for mitigating conduct risks, with particular focus on the perspective of the consumer and reducing consumer detriment;
  • discuss what industry can do itself to reduce conduct risks in the future, e.g. in the context of the work of the Joint Committee in respect of Product Oversight and Governance.
Jan R Carendi, Senior Advisor to the CEO, SJNK Holdings, Tokyo, Japan
Femke de Vries, Secretary-Director, De Nederlandsche Bank, The Netherlands
Prof. Michael Haliassos, Chair of Macroeconomics and Finance, Goethe University Frankfurt, and Director of the Center for Financial Studies 
Christophe Nijdam, Secretary General, Finance Watch
Moderator: Adam Farkas, Executive Director of the EBA

​12:45 – 14:00

​14:00 –15:00

Interview: The next decade in banking, insurance & pensions, securities and the ESA priorities 

The interview will offer an opportunity to set out wide-ranging (out of the box) ideas on the future agenda: what the challenges might look like; how supervision and regulation should react; what’s next as the ESAs mature.  Questions will include

  • The so-called ‘growth agenda’ dominates in Brussels. This includes further mobilising capital markets to fund growth, including the Capital Markets Union in the making – some might say, to encourage risk taking.  What impact might this have for consumers, whose savings are at stake? 
  • How to get ‘ahead of the game’ – intervening early, proactive rather than reactive supervision/regulation.
  • Lessons learned from the crisis: ‘smarter regulation’, new regulatory tools. 
  • Is the single market complete? What more needs to be done? This should focus on the role of the ESAs (supervisory convergence, how they use their tools)


Anneli Tuominen, Director General, Finnish Financial Supervisory Authority, and Chair, Consumer Protection Sub-Committee of the Joint Committee

Molly Scott Cato, Member of the European Parliament

Interviewer: Hermann-Josef Tenhagen, Managing Director and Editor in Chief,, Germany


​Coffee Break

​​​Panel Discussion: The growing digitalisation of financial services – can regulation keep pace? 

Technology offers firms new sophisticated tools and channels to provide financial services to clients. Relevant examples include: 
  •  The use of Social media, which is profoundly reshaping the interaction between intermediaries and their clients.
  •  The use of different forms of automated tools in the provision of financial advice to clients that, either by choice or because they cannot afford it, do not wish to pay for an advisor.
As the pace of digitalisation is set to accelerate, it is important for regulators to analyse the need for any regulatory and/or supervisory measures to be taken to address any risks that these trends bring with them for consumers or to remove barriers that prevent interesting opportunities to emerge.
The panel on digitalisation will discuss:
  • What are the latest developments in how intermediaries and their clients are using social media to interact amongst themselves?
  • Can social media (and ‘social listening’) help firms to better understand clients’ expectations, needs, and complaints?
  • How can regulators perform oversight effectively in this rapidly evolving area of social media?
  • Is the European market for automated advice destined to grow (or will it be held back by lack of consumer trust and financial education)?
  • How can automated advice be customised to consumer needs?
  • What are the most important opportunities and risks related to the use of automated tools and how should regulators address them?
Johannes Elsner, Managing Partner Munich, McKinsey&Company, Germany
Thomas M. Selman, CFA, Executive Vice President, Regulatory Policy, and Legal Compliance Officer, FINRA​
Teresa Fritz, Member of Financial Services Consumer Panel, United Kingdom
Eric Leenders, Executive Director Retail & Private Banking, BBA and Chair of the European Banking Federation Retail Committee​
Moderator: Theodor Kockelkoren, Advisor of the Board ​of the Netherlands Authority for the Financial Markets (AFM)
​17:00-17:15 ​

​​​​Closing remarks & outcome

Gabriel Bernardino, Chairman of the EIOPA​

​​17:15-18:30​​Informal get-together

*to be confirmed​