
European Commission releases retail green paper
Daily news headlines
The Green Paper aims to strengthen the Commission’s understanding of the problem faced by consumers using financial products such as bank accounts, loans, mortgages, investments and insurance. It also sets out the Commission’s overarching objectives, and highlights areas where more work may be needed.
“We want to create a real single market for retail financial services and bring a range of tangible benefits to European consumers: quality products that meet their needs, increased confidence in the products and services on offer, and better information and advice on which to base their choices. I invite everyone to give us their views on how best to achieve this,” said commissioner Charlie McCreevy.
The EU has long been planning to reassess the integration of retail financial sector, which does not seem to have kept pace with that of investment services. And the Commission is concerned that although retail financial services are an essential part of the everyday lives of EU citizens, integration in this area has not yet reached its potential and that competition is insufficient in some areas, leaving EU consumers unable to take full advantage of the benefits of the Single Market.
The Commission seeks to develop integration in retail financial services markets by ensuring that the provision of products meets consumers’ needs, offering choice, value and quality, through properly regulated open markets and strong competition. It also aims to give European consumers confidence to make the right choices, which can be achieved by ensuring consumers are properly protected where appropriate, and that providers are financially sound and trustworthy. Lastly, the Commission will seek to improve consumer confidence in seeking out the best deals to meet their needs, regardless of the location of the financial services provider, by empowering consumers to make the right decisions through financial literacy, clear, appropriate and timely information provision, high-quality advice, and a level playing field between products perceived as having similar characteristics.
Comments are invited to be received by July 16, and a hearing will be organised by September 19 to draw the conclusions of the consultation launched by the green paper, and discuss with all stakeholders what initiatives are needed to bring about a more efficient internal market for retail financial services.
The results of the consultative process will be incorporated into the Single Market Review, to be published in the autumn.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
More on Regulation
Market blocked in by volume caps on European DLT regime
Limited scope of pilot project risks holding back issuer and depository participation
SVB opens floodgates on liquidity buffers debate
European regulator says HQLAs should be booked at fair value, but not everyone agrees
SEC cyber rules risk creating web of confusion and costs
Proposals would require breach notifications, public disclosures and annual cyber assessments
Indonesia readies close-out netting after passing P2SK Law
Bankruptcy law changes remove close-out netting obstacles
Top 10 operational risks: The umpire strikes back
Tougher regulatory enforcement, new consumer rules and rise of ESG are ringing alarm bells
Behnam comments fan JSCC hopes for US client clearing
Japan clearing exec welcomes CFTC chair’s pledge to keep discussing OTC clearing status for non-US houses
SVB wouldn’t happen in Europe, says Deutsche CIB head
Campelli also thinks Credit Suisse’s bailed-in AT1 bonds acted as originally intended