Financial supervision

About

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.