Following initial work carried out by the Joint Committee of the three European Supervisory Authorities in 2013 the European Banking Authority (EBA) has published a consultation paper on draft guidelines on product oversight and governance arrangements for retail banking products.
The draft guidelines apply to both manufacturers and distributors of retail banking products (mortgages, loans, deposits, credit cards, payment services, payment accounts and electronic money) and are intended to ensure that the interests, objectives and characteristics of consumers are taken into account when such products are designed and brought to market.
The deadline for comments on the consultation paper is 10 February 2015. The EBA expects to publish final guidelines in Q2 2015, which will be applied as of 1 April 2016.
View EBA consults on guidelines on product oversight and governance arrangements for retail banking products, 10 November 2014