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EU Finalizes Harmonized Complaints Process for Financial Sector

Roberta Holland | August 27, 2014

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).

The agencies said the goal of the supervisory convergence was to boost consumer protection by offering a single set of complaint procedures for the insurance, banking, and securities sectors throughout the bloc, regardless of the type of product or where it was...

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