The Committee on Consumer Protection (CCP), the forerunner to the CCPFI, was set up in March 2008. It continued the work carried out by CEIOPS Intermediaries Expert Group (IMEG), on market conduct and CEIOPS Task Force on the revision of the Siena Protocol, on out-of-court handling of consumer complaints.
The CCP has produced own-initiative reports in areas such as disclosure requirements for unit-linked life insurance products and competences in consumer complaints-handling and advice to the European Commission on Packaged Retail Investment Products (PRIPs), the revision of the Insurance Mediation Directive (IMD) and Insurance Guarantee Schemes.
The unusual aspect of the CCP is that it contains a number of Members, which are not Members of EIOPA, but are nevertheless responsible for supervision of insurance intermediaries at the national level and have adhered to the principles of the Luxembourg Protocol on Insurance Mediation.
Article 9(4) of Regulation 1094/2010 establishing EIOPA (“the EIOPA Regulation”) requires EIOPA to establish “as an integral part of the Authority, a Committee on financial innovation, which brings together all relevant competent national supervisory authorities with a view to achieving a co-ordinated approach to the regulatory and supervisory treatment of new or innovative financial activities and providing advice for the Authority to present to the European Parliament, the Council and the Commission”.
In order to implement the requirement for this Committee to be an integral part of the Authority and to bring together all relevant competent national supervisory authorities, CEIOPS Managing Board proposed on 15 December 2010 that the CCP be renamed the “Committee on Consumer Protection and Financial Innovation” (or CCPFI). The re-naming of this Committee was approved by EIOPA’s Board of Supervisors by written procedure on 21 January 2011.