Consumer protection is our ‘philosophy’, says European regulator

The concept of consumer protection is enshrined in the philosophy of the European Insurance and Occupational Pensions Authority.

This is was the central message of a speech given by EIOPA’s chairman, Gabriel Bernardino, to the 28th PROGRES International Seminar on Insurance Regulation and Supervision in Geneva hosted by The Geneva Association.

“The protection of policyholders, pension scheme members and beneficiaries is one of our key objectives,” he told the audience.

“But, consumer protection is not just a legal objective for us; it encompasses our entire philosophy. We are expected to take a ‘leading role’ in promoting transparency, simplicity and fairness in the market for consumer financial products or services; that is why we aim to be ambitious in this area.”