On 18 March the European Banking Authority (EBA) published its annual report on consumer trends which provides a review of the consumer protection analysis carried out by the EBA. The analysis identified key issues in the area of consumer protection and financial innovation. It highlights the new trends and the key areas for concern in 2013. The report consists of two parts. The first is a description of the work done by the EBA, by other EU institutions and by the Member States to address the key issues in consumer protection in the EU banking sector which had been highlighted in the first survey of the national competent authorities. The second part focuses on a revised set of issues, trends and products for 2013 following a new survey conducted in the second quarter of 2012. The Report identified six main consumer issues:

  • indebtedness and responsible credit;
  • transparency and levels of charges;
  • mis-selling of financial products;
  • specific issues concerning certain products – notably foreign currency loans, payment protection insurance and complex products;
  • security of new technologies used for banking services;
  • emerging new forms of liquidity rating.