At the event, EIOPA provided a forum for discussion on a wide variety of issues
in the area of consumer protection which the Authority is currently dealing with:
transparency of remuneration and cross-selling/tying by insurance intermediaries;
conflicts of interests that occur when the products are sold by intermediaries;
life insurance product disclosures and their potential benefits for consumers;
EIOPA’s methodology for collecting consumer trends.
Gabriel Bernardino said: “Enhancing consumer protection is at the forefront of EIOPA’s policy-making, and
our Consumer Strategy Day is just another element of this policy. We will continue
to work on the enhancement of consumer protection in the areas of insurance and
pensions. And, of course, we will be doing it in close cooperation with all stakeholders
as their input is vital in terms of bringing added value to the fulfilment of
our policy objectives”.
Note for Editors:
The 1st EIOPA Consumer Strategy Day took place on 6 December 2011 in Frankfurt
The European Insurance and Occupational Pensions Authority (EIOPA) was established as a result of the reforms to the structure of supervision of
the financial sector in the European Union. The reform was initiated by the European
Commission, following the recommendations of a Committee of Wise Men, chaired
by Mr. de Larosiere, and supported by the European Council and Parliament.
EIOPA is part of the European System of Financial Supervision consisting of three
European Supervisory Authorities, the National Supervisory Authorities and the
European Systemic Risk Board. It is an independent advisory body to the European
Commission, the European Parliament and the Council of the European Union.
EIOPA’s core responsibilities are to support the stability of the financial system,
transparency of markets and financial products as well as the protection of insurance
policyholders, pension scheme members and beneficiaries.
