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News release 27 November 2013 – 16/2013

Anneli Tuominen nominated for another term as the Chair of the European Subcommittee on Consumer Protection and Financial Innovation

Anneli Tuominen, Director General of the Financial Supervisory Authority (FIN-FSA), has been appointed as Chairperson of the Subcommittee on Consumer Protection and Financial Innovation, operating under the Joint Committee of the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA), collectively known as the European Supervisory Authorities (ESA). The Chairperson was appointed jointly by all three ESA Boards of Supervisors. Anneli Tuominen has chaired the Subcommittee since November 2011, and the second term is also for two years.

“Consumer protection regulation and the related disclosure obligations in the securities, banking and insurance sectors are currently being harmonised in the EU, and the Subcommittee plays an important role in this respect”, says Anneli Tuominen. “Work to improve product oversight and governance processes in the financial sector has progressed well. We have also made progress in harmonising guidance on handling of customer complaints.”

The subcommittee is mandated to coordinate the activities of securities, banking and insurance sector supervisors in matters concerning consumer protection and new phenomena in the financial sector. One of the aims of the Subcommittee is to contribute to harmonised regulation and supervision of various financial products and services. The Subcommittee members are representatives of national securities markets, banking and insurance supervisors.

For further information, please contact

  • Anneli Tuominen, Director General, tel. +358 10 831 5300