ERFF Update on EU Retail Financial Services
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ERFF: European Retail Financial Forum

RFS Spotlight January 2017

Monthly EU Retail Financial Services update

Since its launch in October 2015, ERFF has been working with representatives of business, consumers, and EU policymakers to create consensus on value-added ways to open up EU retail financial services (RFS) markets. ERFF’s RFS Spotlight brings you news on EU RFS policy, events, and creating benefits for customers and industry.

How to bring FinTech benefits to consumers and business?

This is one of the key questions that ERFF members and guests will be discussing at a workshop on FinTech in retail financial services, on 9 February. The event will be hosted by MEP Cora van Nieuwenhuizen, whose Own initiative draft report FinTech: influence of technology on the future of the financial sector is scheduled for a vote in committee (ECON) on 10 April 2016. Speakers and guests include Peter Kerstens, DG FISMA, co-chair of the Commission’s Financial Technology Task Force; Renatas Mazeika, Head of Unit, Consumer Policy, DG JUST; Farid Aliyev, BEUC (European Consumers’ Organisation); and Thomas Bunnik of FinTech company, Pritle.


ERFF met this month with the EC’s Financial Technology Task Force (FTTF), co-chaired by Peter Kerstens, DG FISMA and Peteris Zilgalvis, DG CONNECT, to discuss its work in the context of retail financial services. The FTTF is taking a cross-specialisation look at many areas important for the digitalisation of financial services – from automated services and platforms to cybersecurity, interoperatibility, and standardisation. It will also explore how eID platforms and AI interact with the financial sector.

Regarding digital on-boarding, DG FISMA will continue to deal with this, and it will also be covered in the EC’s Action Plan on RFS, as well as in discussions on the 4th Anti-Money Laundering Directive.

Note: there is an EC FinTech conference coming up in March, see 'Coming up...' below.

Elsewhere, DG CONNECT has been running a survey on eID, asking how individuals and businesses want to authenticate themselves to access online services.  Identification and authentication are key issues for digital retail financial services, as ERFF highlighted in its recent Consensus Paper on digital on-boarding. You can follow the eID conversation on this topic at EU_eIDAS on Twitter.

Coming up…    

ERFF workshop on FinTech, European Parliament, 9 February. Focus on consumer issues raised by ERFF consensus papers and by the EC Financial Technology Task Force. Open to members and invited guests. Email us for details:

23 March, 2017 Conference: #FinTechEUIs EU regulation fit for new financial technologies? The conference will bring together prominent fintech actors and will be divided into three 'Roundtable' discussions : Technology: how is it transforming finance? Regulatory and supervisory innovation. Cybersecurity. Brussels, Charlemagne building – 170 rue de la Loi – Gasperi room. #FinTechEU. Read more/register.

EC RFS Action Plan – this is still a work in progress, with publication now expected for mid-March 2017. ERFF is keeping in touch with the European Commission for information. Main headings are likely to be: (i) digitalisation, e-ID, innovation hubs, disclosure of information, (ii) Consumer dimension – better products, more choice, more information, (iii) overcoming national barriers.

About ERFF

The European Retail Financial Forum (ERFF) brings together around one table consumers, business and policymakers to support the opening up of retail financial markets in Europe. Representing all aspects of the retail sector – traditional, wider investment and digital – we are customer-focused, favour removing key barriers, and increasing choice and transparency for all in ways that keep Europe competitive.

For further information, please contact us at:

ERFF Secretariat

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