Consumers in a digital world – what have we learned?

On 7 October 2021, Commissioner McGuinness gave a speech at the ‘Consumer Protection Day’, organised by the three European Supervisory Authorities. She began by highlighting the fact that we have learned a great deal over the past 18 months about consumers in a digital world. The pandemic, Ms McGuinness said, has seen people embrace technology – including when it comes to online financial services. She discussed last September’s digital finance package, which put forward new rules to make all financial firms in the EU more cyber resilient. Ms McGuinness also set out the state-of-play of the retail investment strategy, which the Commission is in the process of preparing and which will be released next year. Finally, Ms McGuinness underlined the importance of ensuring consumers understand the financial system and can therefore make informed choices. She set out some of the steps being taken to improve financial literacy throughout the EU. 

You can read the full speech here