The Commission presented an Action Plan setting out ways to provide consumers with greater choice and better access to financial services across the EU.
President Juncker’s Commission has committed to developing a deeper and fairer Single Market, including through digital means. In terms of financial services, this means enhancing competition and improving choice so that consumers can enjoy lower prices and better quality, regardless of whether or not they shop abroad for financial services such as bank accounts, car insurance and money transfers.
The Consumer Financial Services Action Plan presented today seeks to prise open national barriers as only 7% of consumers currently buy financial services from another EU Member State. All consumers should be able to choose freely from a wide range of financial services available across the EU and get the best value for their money while being confident that they are well protected.
In concrete terms, the Action Plan aims at:
- Increasing consumer trust and empowering consumers when buying services at home or from other Member States.
- Reducing legal and regulatory obstacles affecting businesses when seeking to expand abroad.
- Supporting the development of an innovative digital world which can overcome some of the existing barriers to the Single Market.
At the heart of today’s launch is a focus on technology, given that innovative online services will drive progress towards a more integrated market for financial services. To that end, the Commission also published a consultation on technology and its impact on the European financial services sector. The consultation aims to gather first-hand information on the impact of new technology on the entire financial sector. It will help to assess whether EU regulatory and supervisory rules are adequate and what future actions may be needed.
The Consumer Financial Services Action Plan
The Green Paper on Consumer Financial Services Consultation
The Summary of the responses to the Retail Financial Services Consultation
Capital Markets Union Action Plan
Compliments of the European Commission