Indeed, Article 27 SSM Regulation provides that the ECB, for its supervisory tasks, is subject to the professional secrecy regime in the ESCB statute and CRD IV. The professional secrecy regime of the SSM Regulation does not allow the disclosure of confidential information. Now, looking at the future, what needs to be done next?
They may look different from traditional banks and they may care about customers’ needs, such as 24/7 accessibility, ease of use and individualised services, but that doesn’t render the basic financial functions of banks obsolete. Some Fintechs have even already acquired a banking license.