Brussels, 28/01/2016 (Agence Europe) - The three European supervisory authorities in the banking (EBA), insurance (EIOPA) and financial markets (ESMA) sectors are calling for the regulatory differences governing the cross-selling financial products to be remedied “as a matter of urgency”.
Our work on cross-selling practices in the financial sector have flagged up “legal issues” which prevent us from “establishing the desirable degree of consumer protection” and “expose consumers to risks of harm”, the three authorities stated in a letter to the Commissioner for Financial Services, Jonathan Hill, dated Tuesday 26 January. These legal issues are, for instance, related to the existence of different legal bases in these matters in the directives on the financial instrument markets (MiFID II), mortgage loans and insurance intermediation activities. Consequently, they take the view that they are not able to produce common guidelines on the question of cross-selling. (Original version in French by Mathieu Bion)