The Joint Board of Appeal of the European Supervisory Authorities (ESMA, EBA, EIOPA) unanimously decided that the appeal brought by Societatea de Asigurare-Reasigurare City Insurance SA against the EIOPA is inadmissible.
The appeal was brought in relation to a balance sheet review (BSR) exercise of the Romanian insurance sector that is carried out by the Autoritatea de Supraveghere Financiară with the support of EIOPA.
Central to this appeal is the question if, and to what extent the appellant can challenge EIOPA’s role and its involvement in the Romanian BSR exercise via an appeal under Article 60 of the EIOPA Regulation.
The Report covers mystery shopping initiatives of NCAs in respect of products that fall within the scope of action of the EBA’s consumer protection mandate, which are consumer credit, mortgage credit, deposits, payment services, electronic money, and payment accounts. It summarises the most common approaches used by the NCAs, based on the information collated primarily covering the period from 2015 to 2020. It does so by reviewing three key characteristics of mystery shopping activities: their objective, subject matter and product scope, the methodologies used by NCAs, and the follow-up actions after the mystery shopping was concluded. The Report also identify some lessons learned and sets out good practices.