Alliance Letter to the EP, EC & EU-Council on the Reform of the European Supervisory Authorities and financial consumer protection - factual mistake in the revision of the EIOPA Regulation to the detriment of financial consumers

Back in November 2017, we formed an Alliance to voice our disappointment with the European Commission's proposal for the review of the European Supervisory Authorities (ESAs), and to make proposals to remedy the situation. The Alliance reiterated its main issues in a joint statement in July 2018 following the report on the review by the ECON Committee. Later in September we were pleased to see that, thanks in large part to the work by co-rapporteur Pervenche Berès (MEP), many amendments were in line with the ones proposed by the Alliance. Unfortunately, when we look at the currently available text adopted by the European Parliament in April, we are very surprised with the upcoming specific change to the composition of the EIOPA stakeholder groups (SGs) and the high risk of having the number of user-side representatives reduced in favour of financial industry ones due to a mistake made during the finalisation of the text of the regulation.

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