EBA

A lack of financial literacy and unfamiliarity with digital technologies are key drivers of financial vulnerability and exclusion, Europe’s three financial sector supervisors said in a collective report.

Access to digital channels and digital infrastructure has become a prerequisite for consumers to make use of financial services, the report said, adding that a lack of digital financial skills also makes consumers more prone to be targets of digital scams and fraud.

The EU’s financial supervisory authorities on Thursday warned consumers that many crypto-assets are highly risky and speculative. The authorities - including the bodies that supervise securities markets and the banking sector, set out key steps consumers can take to ensure they make informed decisions.

Queen Máxima of the Netherlands has called on European financial supervisors to review financial services for their health impact and urged the banking, payments and investment industries to do more to make sure that their clients make well-informed decisions.