The 12th Joint ESAs Consumer Protection Day took place on 5 November 2025 in Riga, Latvia. COFACE Families Europe was represented by Martin Schmalzried, bringing the voice of families into discussions on accessible, affordable, and quality financial services.
Organised by the three European Supervisory Authorities (EBA, EIOPA and ESMA), the event gathered consumer organisations, EU institutions, academics, and market actors to reflect on EU-wide consumer protection challenges. The 2025 theme focused on “Building a framework for more efficient, simpler and safe financial services for consumers”, featuring keynote speakers and three high-level panels.
Panel 1: Simplification of the customer journey: How can regulation better support good consumer outcomes?
Speakers stressed that simplification must aim for quality rather than merely reducing paperwork. The goal is to help consumers make confident and informed decisions through clear, outcome-focused rules. Mystery shopping conducted by supervisors revealed worrying inconsistencies between the advice consumers received and their actual needs, highlighting that compliance processes alone do not ensure good outcomes.
Discussions also underlined that people are not always rational decision makers, so behavioural insights and well-designed “nudges” are essential. Some countries’ use of “no-choice options”, such as mandatory pensions, was cited as effective in protecting consumers. Calls were renewed for standardised basic financial products, and the potential of transparent, well-designed AI tools was highlighted to help consumers compare offers and identify problematic clauses.
Panel 2: Crypto investments, MiCAR and consumer protection
This panel addressed the rapidly evolving and high-risk crypto landscape. The Markets in Crypto-Assets Regulation (MiCAR) introduces long-awaited EU-wide rules and marks a major shift away from the previously unregulated “wild west”. While it provides clearer structures and safer engagement channels, challenges remain regarding supervisory consistency and consumer understanding, especially when distinguishing between different types of crypto assets.
Speakers noted that many younger users engage with crypto opportunistically, influenced by gamification and social media. Marketing practices such as meme coins and game-like trading features were flagged as particularly problematic. The global policy context was also mentioned, with the United States accelerating stablecoin adoption while Europe moves cautiously towards a potential Digital Euro.
Panel 3: Staying ahead of fraud and scams in the digital era
The final panel explored the rapid rise of online fraud and scams, made worse by the complexity of digital finance and the use of advanced technologies such as AI. Fraudsters rely on sophisticated social engineering techniques, exploiting the fact that consumers often protect physical cash more carefully than digital assets. The scale is alarming: an estimated 100 million people in Europe have experienced fraud, amounting to losses of several billion euros each year. Organised criminal operations are becoming increasingly centralised and powerful, including entire scam hubs in parts of Southeast Asia.
Awareness remains important but is not sufficient, as even well-informed consumers fall victim. A coordinated EU-wide response involving financial services, telecoms, and social media platforms is needed. Better detection of payment patterns and clearer legal liability frameworks are essential to strengthening prevention.
Conclusion
Many challenges were identified such as the fast-evolving financial landscape shaped by complex products, emerging crypto-assets, and increasingly sophisticated fraud. Simplifying products, improving regulatory clarity, and ensuring careful crypto oversight are key to delivering safer outcomes for consumers.
COFACE Families Europe will continue engaging with EU authorities to ensure family perspectives are reflected in regulatory debates. Considering ongoing EU discussions on social policy and financial legislation, COFACE is also advocating for stronger personal insolvency frameworks to protect over-indebted families.
________________
Read more about the conference here: 12th Joint ESAs Consumer Protection Day (JECPD) – European Insurance and Occupational Pensions Authority
