European financial regulators have finalized the guidelines for a harmonized consumer complaints process for the banking, securities, and insurance sectors in the European Union.
The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) issued a joint report detailing the guidelines, which will take effect two months after they are published in all 28 official languages of the EU. The guidelines were based on those already in use for the insurance sector through the European Insurance and Occupational Pensions Authority (EIOPA).
