What are the main challenges for the new legislative term? What remains to be done? How can we tackle any possible problems or unintended consequence arising from measure taken so far? These were some of the questions put to the five speakers representing different backgrounds and interests during the first panel session at the 2014 EU Financial Regulation Conference held on 1 October 2014 in Brussels.
The panel featured Guillaume Prache, Managing Director of BETTER FINANCE, Markus Ferber, MEP and ECON Vice-Chair, Martin Merlin, Director G – Financial Markets, DG MARKT, Brian Polk, Director at PWC andCorinna Schempp, Director of Regulation at FIA Europe.
With the parliamentary hearing of Jonathan Hill - the new Commissioner for Financial Stability, Financial Services and Capital Markets Union – scheduled for that afternoon, many alluded to the importance of this new portfolio of responsibilities. Stakes are high and much will depend on the priorities set by Lord Hill.
Martin Merlin listed the challenges awaiting Hill, including eight pending legislative proposals. In his view, the focus should be on consumer protection – which remains a key objective – where appropriate and where possible.
During the discussion, Guillaume Prache raised the issue of better regulation and the need for the regulators to design and track adequate performance indicators. Some already exist, such as the Commission’s Consumer Scorecard. Worryingly, but unsurprisingly, “pensions, investments and securities” have time and again featured as the worst consumer markets of all in the European Union.
Whether the situation is going to improve remains, as yet, uncertain. However, even though the panel was primarily aimed at identifying future challenges, the speakers made it clear they are determined to face them.
BETTER FINANCE would like to thank QED for organizing the conference.
Mr. Prache's speech is now available in our Youtube page. QED's Memoradum of the conference is available here.