Consumer protection & financial innovation

​​​​​​​​​​​Consumer protection is key to EIOPA, so we take a leading role in promoting transparency, simplicity and fairness in the market for consumer financial products and services across the EU. EIOPA's mandate in the area of consumer protection and financial innovation is broad, and some of EIOPA's tasks include:

  • Collecting, analysing and reporting on consumer trends;
  • Reviewing and coordinating financial literacy and education initiatives;
  • Developing common disclosure rules.
  • Adopting guidelines and recommendations to promote safety and soundness of markets, and convergence of regulatory practice;
  • Developing training standards for the industry;
  • Issuing warnings in case a financial activity poses a serious threat; and
  • Temporarily prohibiting or restricting certain types of financial activities.

In 2015 EIOPA puts emphasis on issues like proper product oversight and governance, understandable key information documents, and avoidance of conflicts of interest, all important to avoid consumer detriment.

Work by EIOPA includes the publication of numerous advices, reports, opinions and guidelines. We also organise the Consumer Protection Day, an annual event that offers a forum for debates with stakeholders on important regulatory developments and topics on consumer trends.

The Committee on Consumer Protection and Financial Innovation (CCPFI) plays a major role in EIOPA's work in consumer protection and financial innovation.   

​Guidelines

Date​Guideline​
​04.2016Final Report on public consultation on Preparatory Guidelines on product oversight and governance arrangements by insurance undertakings and insurance distributors
12.2​​013​ Guidelines on Complaints-Handling by Insurance Intermediaries
Public consultation
11.2012​ Guidelines on Complaints-Handling by Insurance Undertakings​
Public consultation

Events

Public Hearing on the Insurance Distribution Dir​ective

Joint ESAs Consumer Protection Day 2017

Joint ESAs Consumer Protection Day 2016

Joint ESAs Consumer Protection Day 2015

Joint ESAs Consumer Protection Day 2014

Joint ESAs Consumer Protection Day​ 2013

Consumer Strategy Day 2012

Consumer Strategy Day 2011

Publications

​Date​​​Publication
​07.2017​Summary of EIOPA InsurTech Roundtable: How technology and data are reshaping the insurance landscape
​04.2017Report on Thematic Review on monetary incentives and remuneration between providers of asset management services and insurance undertakings
​02.2017
EIOPA’s Technical Advice on Possible Delegated Acts Concerning the Insurance Distribution Directive

Letter to the European Commission on EIOPA's Advice on Possible Delegated Acts Concerning the Insurance Distribution Directive

Final Report on Technical Advice on Possible Delegated Acts Concerning the Insurance Distribution Directive
​02.2017
​EIOPA-CP-17-001 Consultation Paper on the Proposal for Guidelines under the Insurance Distribution Directive on Complex Insurance Based Investment Products (response deadline 28 April 2017)
​02.2017
​Draft Implementing Technical Standards on the Insurance Product Information Document 

Letter to the European Commission on the Draft Implementing Technical Standards on the Insurance Product Information Document 

Final Report on Consultation Paper on draft Implementing Technical Standards on the Insurance Product Information Document

Insurance Product Information Document Template
​12.2016​EIOPA Fifth Consumer Trends Report
​12.2016
JC/2016/86 Joint Committee Discussion Paper on the Use of Big Data by Financial Institutions (response deadline 17 March 2017)
​09.2016​Report on Good Practices on Communication Tools and Channels for communicating to occupational pension scheme members
​08.2016
​EIOPA-CP-16-007 Consultation Paper on the proposal for the Implementing Technical Standards on a standardised presentation format of the Insurance Product Information Document (IPID) under the Insurance Distribution Directive (IDD) (response deadline 24 October 2016)
​07.2016
​EIOPA's advice on the development of an EU Single Market for personal pension products (PPP)

Letter to the European Commission on EIOPA's advice on the development of an EU Single Market for personal pensions (PPP)
​07.2016
EIOPA-CP-16-006 Consultation Paper on Technical Advice on possible delegated acts concerning the Insurance Distribution Directive (response deadline: 3 October 2016)
04.2016​Draft Regulatory Technical Standards with regard to presentation, content, review and provision of the key information document, including the methodologies underpinning the risk, reward and costs information in accordance with Regulation (EU) No 1286/2014 of the European Parliament and of the Council​
​04.2016
Final Report on Public Consultation on Preparatory Guidelines on product oversight and governance arrangements by insurance undertakings and insurance distributors
​03.2016​​​​Feedback Statement as a follow-up to EIOPA’s Opinion on sales via the Internet​​​
​02.2016
EIOPA-CP-16-001 Consultation Paper on EIOPA’s advice on the development of an EU Single Market for personal pension products (PPP) (response deadline 26 April 2016)
​02.2016
​Request for technical advice on possible delegated acts concerning the Insurance Distribution Directive
​02.2016Retail Risk Indicators Methodology Report​​​
01.2016 EIOPA's Strategy towards a comprehensive risk-based and preventive framework for conduct of business supervision​​
12.2015 ​EIOPA Fourth Consumer Trends Report
​12.2015
EIOPA-CP-15-011 Consultation Paper on Good Practices on communication tools and channels for communicating to occupational pension scheme members (response deadline 22 March 2016)
​12.2015
​JC/2015/080 Joint Discussion Paper on automation in financial advice (response deadline 4 March 2016)
​12.2015 Report on Consumer Protection Issues arising from the sale of Mobile Phone Insurance​​
​11.2015
​JC/CP/2015/073 EBA, EIOPA and ESMA’s Consultation Paper on the PRIIPs Key Information Documents (response deadline 29 January 2016)
​10.2015
EIOPA-CP-15-008 Consultation Paper on POG Guidelines for insurance undertakings and insurance distributors (response deadline 29 January 2016)
​07.2015 ​Final Report on Good Practices on individual transfers of occupational pension rights ​​​​
​07.2015

Technical Advice on criteria and factors to be taken into account in applying product intervention powers ​​

​06.2015
Katja Würtz - Head of Cross-Sectoral and Consumer Protection Unit, EIOPA​
​04.2015 Summary of Comments on Consultation Paper EIOPA-CP-15/001 - Pensions Transferability​
​02.2015 ​Final Report on Public Consultation on the ​​draft technical advice on Conflicts of Interest in direct and intermediated sales of insurance-based investment products​
​02.2015Technical Advice on Conflicts of Interest in direct and intermediated sales of insurance-based investment products​
​02.2015 EIOPA issues an Opinion on sales via the Internet of insurance and pension products
01.2015 CP-15-001 Pensions Transferability
​12.2014Third Consumer Trends Report
​10.2014 Consultation Paper on Conflicts of Interest in direct and intermediated sales of insurance-based investment products ​
​10.2014 Final Report on the Discussion Paper on Conflicts of Interest in direct and intermediated sales of insurance-based investment products​
​06.2014Report on issues leading to detriment of occupational pension scheme members and beneficiaries and potential scope of action for EIOPA
​06.2014 ​Report On feedback from National Competent Authorities Regarding EIOPA’s opinion on Payment Protection Insurance
​03.2014One Minute Guide - EIOPA Guidelines on Complaints-Handling by Insurance Intermediaries
02.2014​Report on the implementation of the Test Achats ruling into national legislation
01.2014Report on Good Practices on Comparison Websites
01.2014 ​Review of Consumer Trends Methodology
12.2013 ​Report on Best Practices by Insurance Intermediaries in handling complaints
12.2013 Consumer Trends Report (revised)
12.2013 Report on Good Supervisory Practices regarding knowledge and ability requirements for distributors of insurance products
12.2013 EIOPA Opinion on Beneficiary Protection Arrangements Regarding Life Insurance Contracts
09.2013 Letter from EIOPA Chairman to Jonathan Faull, Director General Internal Market and Services of the European Commission, on enhancing consumer protection in insurance investment products
06.2013 EIOPA Opinion on Payment Protection Insurance
06.2013 Background Note on Payment Protection Insurance
06.2013 Consultation Paper On A Draft Report on Good Supervisory Practices regarding knowledge and ability requirements for distributors of insurance products
06.2013 Consultation Paper on Draft Report on Good Practices on Comparison Websites
05.2013 Discussion Paper on a possible EU-single market for personal pension products
05.2013 EIOPA’s comment letter to the OECD’s Draft Effective Approaches to support the implementation of the G20 High-Level Principles of Financial Consumer Protection
02.2013 Report on Good Practices related to the provision of information for Defined Contribution (DC) schemes
11.2012 Methodology Report for Collecting, Analysing and Reporting on Consumer Trends
11.2012 EIOPA procedures for issuing warnings, temporary prohibitions and restrictions
10.2012 Report on a mapping exercise on Industry Training Standards applied by national competent authorities
07.2012 Report on the Role of Insurance Guarantee Schemes in the Winding-Up Procedures of Insolvent Undertakings in the EU/EEA
06.2012 Report on Best Practices by Insurance Undertakings in handling complaints
06.2012 EIOPA’s updated Survey of the competences of national competent authorities in the field of Consumer Protection
04.2012 Report on good practices for disclosure and selling of variable annuties
02.2012 Initial Overview of Consumer Trends in the European insurance and occupational pensions sectors
12.2011 Report on Financial Literacy and Education Initiatives by Competent Authorities
10.2011 Report on the cross-border cooperation mechanisms between Insurance Guarantee Schemes in the EU