Ms Milena Angelova participated at a conference that brought together a very high-level gathering of policy makers and industry representatives, that allowed for a real in-depth discussion on the regulatory impact of the innovative uses of technology in financial services.
The key issues discussed were related to the viewpoints of the European Commission on FinTech, the challenges that payments face in the digital era and the impact of digitalisation on the insurance industry.
The discussion was organised around 4 main topics:
- The impact on financial services of the technology and the policy response;
- The future of consumer engagement;
- The challenges of customer identification in an on-line environment;
- Regulation and outsourcing and the future of financial services.
It was very interesting that the European Banking Authority (EBA) presented its Report on the revised Payment Services Directive (PSD II), which contains about 300 concerns and questions on how to balance consumer protection while promoting competition. Several objectives were underlined: enhancing the competition, strengthening security, improving convenience for customers, ensuring the flexibility of the business model and keeping technology neutrality and enhancing consumer protection and innovation.