McGuinness faces hurdles to become EU consumer champion

by Hannah Brenton, Oct 8, 2020, 8:00 AM

Everybody wants to be a hero.

As the pandemic wreaks havoc on the economy, people as well as businesses need help getting through the financial pain.

Regulators are already warning that borrowers are at risk of being treated unfairly when COVID-19 payment holidays come to an end. Households also need to earn more on their savings, at a time of low interest rates and strains on pensions.

Mairead McGuinness pledged to advocate for citizens and put the “heart” into financial services in her bid to join the European Commission in charge of that portfolio. That pitch won her the European Parliament’s confirmation on Wednesday.

Stéphanie Yon-Courtin, a French liberal EU lawmaker, said she found McGuinness “convincing” during a confirmation hearing last week, and she trusted that the Irishwoman would bring “a new level of ambition” to consumer protection.

“She managed to bring to life these often technical issues by making it close to European citizens,” Yon-Courtin said in an interview.