Patricia Suárez

Patricia Suárez has been elected vice-president of the European Commission’s financial advisory group

Posted on 21/09/2022 · Posted in Highlighted, Spain
She will work to share the problems of consumers with the European Commission, at a time when it is working on the revision of the Consumer Credit Directive or the Mortgage Directive, among other issues.

Patricia Suárez, president of ASUFIN, has been appointed vice-president of the Financial Services Advisory Group (FSUG), which advises the European Commission on the development of policies with an impact on financial consumption. This body reports to the Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DGFISMA), the Commission’s financial policy area, and is made of 20 experts from all across the EU, appointed to represent users in regulatory initiatives.

The appointment comes at a key time for the challenges that the European Union is facing. The paralysis generated by the pandemic, followed by the supply crisis and, above all, the outbreak of a war on European territory with the consequent energy crisis has created a complicated context with undesirable consequences such as the escalation of inflation followed by a rise in interest rates to combat it. In the face of this, we have an impoverished financial consumer with concerns about the economic future.

Together with the Romanian Alin Iacob, elected president, Patricia Suarez will work to share the problems of consumers with the European Commission at a time when DG JUST and DG FISMA are working on the revision of the Consumer Credit Directive (CCD), the one affecting mortgages (MCD), the distance selling of financial products (DMFS), the promotion of the Digital Euro or the digitization of the economy, among others.

We are already present in many of the institutions and regulatory bodies that shape European financial policy. In April, Suárez was appointed member of the European Securities and Markets Authority (ESMA), and in June 2020, she joined the Advisory Board (BSG) of the European Banking Authority (EBA).

In this scenario of change and delicate balances, financial consumer protection is more important than ever. The lack of information or, on the contrary, the excess or poor quality of information and confusion, leaves many retailers unprotected in their rights. Our voice will once again help to combat these dangers.

Patricia Suárez declares: “The participation of consumers in the drafting of European directives is fundamental, which is why it is a great satisfaction for me to be able to promote them from the Financial Services User Group (FSUG) and lead them as vice-president of the group”.

We have been working since our beginnings on the approach to the European institutions, since most of the regulation emanates from the community authorities. We belong to BEUC (Bureau Européen des Unions de Consommateurs), the largest and most representative organization, which watches over the protection of consumers’ interests in Europe. We are currently the only Spanish association specialized in consumer banking out of the 45 members from up to 32 European countries (including members of the EU and the European Economic Area). Patricia Suárez is also a member of the Board of Directors of Finance Watch, one of the most active European organizations in the defense of financial users.