Financial Innovation and Consumer Protection : an overview of the objectives and work of the EBA's Standing Committee on Financial Innovation (SCFI) in 2011-2012

01 February 2012

The EBA publishes today an overview of the objectives and work of the EBA's Standing Committee on Financial Innovation (SCFI) in 2011-2012 in the area of consumer protection and financial innovation.


The European Banking Authority was established by Regulation (EC) No. 1093/2010 of the European Parliament and of the Council of 24 November 2010. The EBA has officially come into being as of 1 January 2011 and has taken over all existing and ongoing tasks and responsibilities from the Committee of European Banking Supervisors (CEBS). The EBA acts as a hub and spoke network of EU and national bodies safeguarding public values such as the stability of the financial system, the transparency of markets and financial products and the protection of depositors and investors.