Sub-Committee on Consumer Protection and Financial Innovation

Anneli Tuominen

CHAIR:  Anneli Tuominen, Director General of the Finnish Finanssivalvonta (FIN-FSA, Finland) 

RAPPORTEUR: Matteo Rava, Senior Officer, ESMA

The Sub-Committee on Consumer Protection and Financial Innovation (CPFI) is one of the Sub-Committees of the Joint Committee, as per Article 57 of the ESAs regulations.

As indicated in its mandate (document reference JC 2011 021, released on 15 March 2012), it aims at contributing to enhancing customer protection by helping the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA), (the ESAs), to fulfil their mandates with respect to Article 9 of the ESA Regulations (“Article 9”). The tasks of the Sub-Committee consist of assisting the Joint Committee to ensure the necessary degree of cross-sectoral consistency amongst the ESAs in relation to matters pertaining to Consumer Protection and Financial Innovation as covered under the Joint Committee's work programme.

The CPFI held its inaugural meeting on 30 May 2012, at ESMA premises in Paris. It will be supported by 3 sub-structures dealing with Consumer Protection, Product Approval and PRIPS.

There are currently 3 other Sub-Committees of the Joint Committee: the Risk Sub-Committee (RSC), the Anti-Money Laundering Sub-Committee (AMLC) and the Financial Conglomerates Sub-Committee (JCFC).