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EC’s proposed internal reorganisation of EIOPA ‘going in the wrong direction’

Written by Adam Cadle

The multitude of new tasks and powers to be assigned to EIOPA according to the will of the EC “do not bring any apparent added value” and the proposed internal reorganisation of the supervisory body is “going in the wrong direction”, German trade body, GDV, has said.

“EIOPA already has all the resources it needs today to fulfil its central role as ‘guardian’ of a consistent application of EU supervisory law,” it said.

“We are dealing primarily with an enforcement deficit and not with a regulatory deficit," Axel Wehling of the GDV management stated.

“Accordingly, EIOPA must clearly focus on ensuring converged regulatory practice based on existing guidance.”

Furthermore, the trade body said the quality of pan-European supervision depends very much on the proper involvement of national supervisors in decision-making processes.

“EIOPA must remain an institution shaped by the member states,” Wehling emphasised.

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