The financial supervisors in Europe have launched their strategic agenda for the year 2026, focusing on digital resilience and consumer protection in the financial sector in Europe. The European Supervisory Authorities have mentioned their work program, focusing on issues related to cybersecurity, risk management, and sustainable finance. The work program reflects the rising concerns in the financial sector, focusing on cyber risks and consumer protection, as the financial sector is becoming increasingly digital.
Digital resilience is at the forefront of the regulatory agenda
The European Securities and Markets Authority has identified cyber risk and digital resilience as the main Union Strategic Supervisory Priority in 2026, following initiatives launched in January 2025. This is part of the implementation process of the Digital Operational Resilience Act, which aims at improving the ICT risk management capacities of financial institutions.
The National Competent Authorities have shown significant early engagement in monitoring cyber risks, including supervisory on-site reviews and capacity-building activities, during the year 2025. The collaboration between the supervisory authority and the oversight mechanism under DORA is critical to ensure the successful implementation of this requirement for all EU member states, especially as financial institutions are being increasingly targeted by cyber threats.
ESMA urges NCAs to carry on the supervisory work in 2026 and thereby ensure the successful implementation of the requirements on digital resilience in all EU markets for securities and financial infrastructure.
Increasing consumer protection activity in various financial sectors
The Joint Committee of the European Supervisory Authorities has set very ambitious objectives for consumer protection in 2026, which will emphasize sectoral collaboration between the financial, insurance, and securities supervisors. These objectives will promote financial education initiatives and improve consumer protection, especially in relation to the European Commission’s Savings and Investments Union plan, which aims to enhance retail investment opportunities.
The ESAs aim to carry out collective risk assessments in the presence of geopolitical tensions and uncertainties within markets, which may affect consumer interests. The collective action is set to address various emerging risks linked to securitization, financial conglomerates, and innovation facilitators, while at the same time maintaining uniform standards of consumer protection within the various financial sectors and member states.
The regulation of sustainable finance disclosure is subject to extensive review
The government will support the proposed review of the Sustainable Finance Disclosure Regulation, thereby underpinning its commitment to transparency on ESG investments, as well as working to address issues emerging as the regulation is implemented on financial markets in Europe. The proposed comprehensive review will look at ESG disclosure requirements, evaluate the success of any current requirements in achieving sustainable investment choices, and look to improve clarity on any regulatory issues in order to serve institutional and retail investors on environmentally sustainable investments.
Third-party risk management enhances financial system stability
The European regulators will begin enforcing robust supervision of essential third-party ICT service providers under the framework of the DORA regulation, acknowledging the systemic risks generated by technology dependencies in the financial sector. The mechanism of supervision falls under broadened supervisory competences exercised by regulators over non-financial companies delivering crucial activities to financial institutions in the European Union.
The ESAs have introduced set principles on the supervision of third-party risk, outlining how financial institutions should monitor and control relationships with technology service providers. The initiatives are necessary to avoid any systematic disruptions within financial systems, which may cascade as financial infrastructure becomes increasingly reliant on cloud computing.
European financial supervisors are positioning themselves at the forefront of the challenges of the digital transformation, all the while keeping their steady attention on the issue of consumer protection. The agenda set for 2026 marks a comprehensive approach to financial supervision, striking a balance between innovation and stability. These initiatives will strengthen the financial system in the EU against the emerging challenges of technology and geography.
