An appeal brought by an individual against the European Banking Authority (EBA) has been ruled inadmissible by the Joint Board of Appeal of the European Supervisory Authorities.
The case stemmed from a complaint about the closure of a bank account by a credit institution and how the issue was handled by Finland’s national financial supervisor, the Finnish Financial Supervisory Authority (FIN-FSA), the European Securities and Markets Authority (ESMA) informed on Monday.
The appellant asked the EBA to investigate a possible breach of EU law by FIN-FSA, but the EBA decided not to open an investigation following its assessment.
That refusal was then challenged before the Joint Board of Appeal, which reviews certain decisions taken by the EBA and other EU supervisory bodies.
Why the appeal was rejected
The Board of Appeal said established EU case law gives the EBA discretion over whether to start an investigation, and that a decision not to open one cannot be reviewed by the Board.
It also considered whether the circumstances differed from previous decisions and relevant EU case law in a way that could justify a different outcome, but found no distinguishing factors.
