Law360, London (April 15, 2021, 6:41 PM BST) -- Europe's banking watchdog lacks the power to issue retail banking guidance, even if the measures are designed to protect consumers, an adviser told the bloc's highest court on Thursday.
The European Banking Authority lacks the "competence" to adopt guidelines for lenders on their retail banking products, Advocate General Michal Bobek told the European Court of Justice.
The court advocate advised the court in a non-binding opinion to declare that the watchdog's guidance, also known as "soft law" to lenders on retail products, should be declared invalid.
"The fact that the guidelines aim at protecting consumers does not alter that conclusion," the court wrote...
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