Agreement reached to involve consumers in financial services policymaking

The Maltese Presidency of the Economic and Financial Affairs Council (ECOFIN) of the EU and the European Parliament reached an agreement on a programme aimed at better-involving consumers of financial services in policymaking.

The programme will also contribute to provide such consumers with better information about issues at stake in the regulations concerning the financial sector.

Financial services consumers cover a range of users including individual savers, retail investors, insurance holders, pension fund participants and borrowers. The Programme is aimed at restoring consumer confidence in these sectors following the financial crisis.

The agreement was reached at the first meeting between the Maltese Presidency and the European Parliament on the proposal, demonstrating the commitment by both parties to involve consumers in the policies which directly impact them. The Maltese Presidency has consistently stated that its legislative efforts are focussed on putting citizens and consumers at the centre of it work.

“Consumers are well placed to judge the suitability of the financial product for service, as much as regulators and can contribute actively to policy making. This EU-wide support programme is meant to strengthen this consumer participation,” Finance Minister Edward Scicluna said.

Once officially adopted, the new programme will enter into force until 31 December 2020 with a financial envelope of €6 million.