Fri. Aug 7th, 2020

Planet Compliance

Innovation & Regulation in Finance

ESAs submit joint letter to Commission on Cross-Selling of Financial Products

2 min read

The Chairpersons of the three European Supervisory Authorities (ESAs) – EBA, EIOPA and ESMA – sent a joint letter on cross-selling of financial products to Jonathan Hill, the European Commissioner for Financial Stability, Financial Services and Capital Markets Union.

In this letter the ESAs raise their concerns about inconsistencies in the existing EU legislation that impact regulation of the cross-selling of financial products in the banking, insurance and investment sectors. The ESAs ask the European Commission to further assess the differences in the existing legislation and to consider any necessary steps in order to ensure that the ESAs can regulate cross-selling practices in a consistent way across the three sectors, to the benefit of consumers, financial institutions, and supervisory authorities.

See the ESMA statement and full letter here.

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