Date: 20th July 2018
Author: BETTER FINANCE
On 17 July EIOPA, the European Insurance and Occupational Pensions Authority announced the new composition of its two “stakeholder groups”: the Insurance and Reinsurance one (IRSG), and the Occupational Pensions one (OPSG).
BETTER FINANCE thanks and congratulates EIOPA for successfully “seeking to strengthen representation of consumers”, especially in the OPSG where up to now BETTER FINANCE counted only three retail user representatives.
EIOPA is genuinely trying to live up to the spirit of EU Regulations governing European Financial Supervision that require a balanced proportion between industry representatives and retail user ones. The new composition also moves in the direction of the EU Parliament draft report on the reform of EU financial supervision which proposes and equal number of industry representatives on the one side, and of user and employees of financial institutions on the other (13 each, with the 4 remaining members being independent academics).