consumer protection code review discussion paper published in october 2022 as part of our review of our consumer protection code. feedback to this showed strong support for a national strategy and a multi - agency approach to dealing with financial literacy. 85 % of respondents to our consumer survey agreed that " improved financial education can empower consumers to better protect their own interests when dealing with financial matters. " an important aspect of financial literacy is ensuring that consumers understand the protections available to them when using financial services and products. a key aspect 2 / 6 bis - central bankers'speeches of our review is enhancing accessibility of the consumer protection code to support consumers in understanding the protections provided to them. for consumers, we will be making available an accessible consumers'guide to the code, which will set out, in easy - to - read terms, what protections are provided for consumers and what their responsibilities are when dealing with firms. digital literacy digitalisation has changed our daily lives, including how we get information about assessing and buying financial services and products. finding your way in today's financial services market requires digital literacy - an ability to use digital technology, as well as financial knowledge and skills. as we know, this can be a challenge for some consumer groups. to promote greater inclusivity and accessibility to financial services for all citizens, evolving digital solutions should be embraced. from interactive investment platforms, to personalised financial advice and educational content, digital solutions – if done well can enhance consumer confidence, knowledge, and engagement. ultimately these will empower individuals to take control of their financial futures. technology can be a valuable tool in responding to the challenge of effectively educating and informing consumers. it can be used to gather real - time information to support effective consumer engagement. but i emphasise the word " can " here – because the provider of the technology, of the information, and their motives, really matter. many consumers, particularly younger people, make decisions influenced more by social media and the advice of friends, family and celebrities than by recommendations from professional investment advisors. the rapidly growing phenomenon of financial influencers or " finfluencers " presents a new and significant challenge for consumers. in most cases, finfluencers are not registered investment advisors, yet they spread information that consumers may find difficult to differentiate from'trusted'sources and may consider to be akin to investment advice. the provision of financial services without authorisation, in many cases, constitutes a criminal offence. as part of our strategy in this area, we have

to seek the pot of gold at the end of the rainbow that is in the level playing field. i will return to this 3 / 6 bis central bankers'speeches topic shortly when considering brexit. european regulatory developments, including capital markets union ( cmu ) i will turn now to the regulatory developments that are most relevant to today ’ s agenda. cmu is an important response to the challenge of achieving more diversified sources of funding of the european economy, wider opportunities for investors, and broader risk sharing. the objective to diversify the funding mix, reducing reliance on traditional funding models, is a valuable one. the recently proposed revision of the esa ’ s 8 framework is also noteworthy. the central bank is examining the package of proposed changes with a view to providing advice and technical support to the government as it engages in the legislative negotiations, considering, inter alia : 1. how it addresses problems in the functioning of europe ’ s capital markets ; 2. whether it will improve the position of potential investors and those seeking to obtain funding ; and 3. its consistency in the allocation of powers on the one hand and accountabilities on the other. negotiations are continuing under the estonian presidency on the european commission ’ s risk reduction measures package9. this package constitutes the eu ’ s completion of the basel iii and fsb reform agenda and revises parts of the crd / crr10 and brrd11 frameworks. the central bank strongly supports these and other aspects of the proposals as necessary to further the completion of the package of post - crisis regulatory reforms. for example, the proposal for the ssm to take on responsibility for the supervision of large investment firms is eminently sensible. however, i do have concerns about certain other aspects of the proposed package. for example, i do not think the proposal for capital waivers for subsidiaries within the banking union is appropriate at this time, given the current realities in the case of bank failure, which retain a significant national dimension. mifid ii mifid ii represents the most substantial overhaul of eu legislation for markets in financial instruments in more than a decade. both mifid ii and mifir12 seek to achieve more stable, transparent financial markets to protect investors and to improve client outcomes. it will have a sizeable impact on the asset management industry, which must be ready to adapt. the ‘ go live ’ date of 3 january 2018 is fast approaching and we expect firms to be ready. mifid ii contains new eu -