The Chairman of the European Insurance and Occupational Pensions Authority (EIOPA), has given a speech on “The road to a true single market in financial services”. In respect of the challenges for cross-border business and promoting convergence in EU supervisory
practices he called on Member States to ensure that their supervisory authorities are provided with the necessary means to achieve their supervisory objectives. He explained that, going forward, EIOPA would review the convergence of supervisory practices
and confirm that supervisors were achieving high quality supervisory outcomes. He advocated that the current power of EIOPA to conduct an inquiry into a particular type of financial institution, type of product, or type of conduct, should be extended and
used more generally to support the independent assessment of supervisory practices.