ESAs – Proposed Reform of European Financial Supervision - Savers and Other Financial Services Users Risk Suffering More

20 September 2017 - The European Commission (EC) announced its proposal to improve the supervision of European financial services as well as its revision of the European Supervisory Authorities (ESAs) today. BETTER FINANCE welcomes the proposal to have permanent members on the Boards of Supervisors of the ESAS as an improvement to their governance. However, as the proposal lacks ambition with regards to consumer and investor protection and fails to give the ESAs teeth with which to enforce EU Law, the outlook for the public enforcement of conduct of financial business rules looks grim.

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