European Court of Auditors makes EIOPA review high priority

The Luxembourg-based European Court of Auditors (ECA) is to review the European agency that oversees financial products such as pensions, making the work a high priority for this year.

According to the ECA's 2018 work programme, it will assess whether the European Insurance and Occupational Pensions Authority (EIOPA) "ensures supervisory convergence and contributes to financial stability in the insurance and pensions markets".

Other high-priority tasks for the ECA include looking into whether the European Union's programming and budgeting could be improved and to examine whether mechanisms at EU institutions to ensure ethical behaviour are appropriate.

EIOPA is part of the European System of Financial Supervision, a network aimed at providing "consistent and appropriate" oversight throughout the European Union, according to the European Central Bank's website.

The ECA's mission is to "contribute to improving EU financial management, promote accountability and transparency and act as the indpendent guardian" of EU citizens' financial interests, according to its website.