EU supervisors bow to finance bigwigs, argue investors

The European Federation of Investors and other financial services users (EuroInvestors) and BEUC (the European Consumer Organisation) filed complaints with the European Ombudsman in September 2011 against the March 2011 nominations of the members of the 'Stakeholder Groups' set up by the European Banking Authority (EBA) and by the European Insurance and Occupational Pensions Authority (EIOPA).

The two organisations claims that the two newly created financial Authorities under-represented the individual users of financial services in the three 30-member Groups, while over-representing the financial industry and other people paid by it. EuroInvestors believes these decisions violate the recently voted European Financial Reform Regulations, which require a balanced proportion of the different stakeholders.

Eurolnvestors: Press Release, 14.9.11: The European savers and consumers file complaints against financial supervision authorities EBA and EIOPA http://euroinvestors.org/upload/UserFiles/file/PR%20EuroInvestors%20complaint%20final%2014%2009%202011.pdf

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