Better Finance Press release: EIOPA Chair ”We created a monster”

On 27th June, Gabriel Bernardino, the Chairman of the European Insurance and Occupational Pensions Authority (EIOPA), gave an impassioned and encouraging speech on EIOPA’s priorities for consumer protection at the BETTER FINANCE conference in Reykjavik, organised in cooperation with its Icelandic member, the Icelandic Savers Association.

‒ The reality is, we created a monster. Giving more information to consumers doesn’t work. Most people don’t read or understand the lengthy pages containing complicated product information. What we need is “smart disclosure”, with a focus on consumers, Bernardino said.

Bernardino praised BETTER FINANCE (the new motto of the European Federation of Financial Services Users) as sending out a very good message and stated that the only way the lack of trust in the financial system can be addressed, is by putting consumers back at the centre.

He then alluded to a changing world, with the internet generation increasingly expecting comparability between products and transparency and integrity from the financial services that provide them.