Financial supervision


Good legislation which protects consumers is insufficient to ensure strong consumer protection unless it is properly enforced everywhere in the EU. However, national supervision in financial services varies a lot from one Member State to another, leading too often to poor consumer protection. Even if financial consumer supervision is justified at national level, it requires a minimum degree of harmonisation. Therefore, BEUC favours measures to ensure powerful and independent financial consumer protection authorities exist in every Member State and cooperate under the aegis of a strong European supervisory authority in charge of consumer protection in financial services.