Despite some progress in financial market regulation, we are regularly confronted with breaches of EU consumer protection law in the distribution of financial products. The negative impact on the stability of the financial system is evident in the possible bail-in of creditors of Italian banks. The losses that retail clients have to face are just as serious.
As Greens, we are convinced that financial markets must serve consumers and not vice versa. We would therefore ask you to inform us of (possibly anonymized) cases of breaches of EU consumer protection law in financial services. Where appropriate, let us also know the possibilities you see to take legal and regulatory action against these infringements. We are looking forward to your specific comments by Monday, 1 May 2017.
The results of our consultation will be included in our current work in the economic and monetary committee (ECON) of the European Parliament.