Регулаторни аспекти за защитата на потребителите на финансови услуги в единния дигитален пазар: предизвикателства пред публичните политики на Европейския съюз
Regulatory Aspects of Financial Services Consumer Protection in the Digital Single Market: Challenges for European Union Public Policies

Author(s): Martin Petkov
Subject(s): Politics / Political Sciences, Politics, Economy, Business Economy / Management, Economic policy, EU-Approach / EU-Accession / EU-Development, Financial Markets, Public Finances
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: single digital market; financial consumer protection; regulatory ecosystem; digital finance strategy; financial literacy
Summary/Abstract: This research explores the regulatory paradigms governing financial consumer protection within the European Union’s Single Digital Market. As digital transformation redefines financial interactions, evidenced by 72% of internet users adopting online banking, a significant „digital trust paradox“ has emerged: 60% of consumers remain apprehensive regarding data privacy. The study evaluates the „complex regulatory ecosystem“ consisting of frameworks like GDPR, DMA, DSA and the AI act, alongside sector-specific instruments such as DORA and MiCA. Furthermore, it analyzes the evolution of payment architectures through PSD3/PSR and the transition toward Framework for Financial Data Access (FIDA) and the Digital Euro. The findings suggest that while these regulations, focused on prohibitions and sanctions, are essential, they are insufficient. The paper argues that an approach centered on financial literacy is imperative, given that currently only 18% of EU citizens possess high levels of financial competence.

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