EUROPE - The European Union's Committee of European Insurance and Occupational Pension Supervisors has stated it will seek to "build consensus where possible".

"The aim of consultation is to build consensus where possible between all interested and affected parties on what legislation or regulation or supervisory practice is appropriate," the Frankfurt-based group said.

CEIOPS - in a draft statement explaining its intended consultation practices - said it would benefit from "the expertise of market participants and operators, consumers and end-users" in assessing regulatory or supervisory issues.

It emphasised the "need for a flexible and proportionate approach to consultation that can be adapted according to the nature and significance of an issue and the need for confidentiality".

"CEIOPS's aim is to build up at an early stage an open dialogue with market participants, consumers and end-users with regard to identifying, assessing and analyzing regulatory or supervisory issues and possible solutions, thus benefiting form their expertise," the committee said in a statement.

"It is therefore of utmost importance to CEIOPS to set up appropriate principles for this consultation process between all interested and affected parties."

The committee, chaired by Henrik Bjerre-Nielsen, was set up late last year by the European Commission alongside a series of other new financial service committees as part of the so-called Lamfalussy process of consultation.