Last September the European Commission published its proposal for the review of the European Supervisory Authorities (EBA, ESMA and EIOPA – ESAs). The aim is to reform the ESAs’ mandate, governance and funding to underpin the Capital Markets Union, the EU’s flagship project in the area of investments.
BEUC, Better Finance, Finance Watch, AGE Platform Europe, Coface Families Europe and EFIN are extremely disappointed with this proposal.
The Commission missed a historic opportunity to propose an ambitious reform of the ESAs to deliver the protection EU financial consumers need. Therefore, we call for an ESAs reform that would separate conduct of business supervision from prudential supervision. This implies providing separated governance, adequate resources and a far-reaching mandate to a new consumer protection structure. Such a reform would accelerate the creation of a common supervisory culture across Europe to the benefit of consumers and EU market integration alike.
Please find attached our joint letter with detailed analysis and recommendations for a reform of the ESAs that would truly deliver for consumers. We trust they will fuel the co-legislators’ reflections.