On 10 December 2015, the European Commission launched a public consultation on the Green Paper on retail financial services (the Green Paper) which ended on 18 March 2016. The Green Paper’s purpose was to consult all interested parties on how the European market for retail financial services could be further opened up to better serve consumers and firms. The European Payments Council’s () submission to the consultation was one of 428 responses, published this summer. In summary of these, the Commission has stated:
- A large number of respondents have called for a level playing field between all market players.
- Many individual consumers believe increased transparency and a greater cross-border supply of retail financial products could bring greater choice and lower prices.
- In contrast, consumer organisations believe financial products need, primarily, to be made simpler.
- On the other hand, firms do not see the business case in providing cross-border sold products due to insufficient consumer demand.
- Consumer organisations pushed for better enforcement of existing consumer protection rules, streamlining of -level supervisors, and assessment of local authorities to ensure they can effectively enforce -level standards.
- National public authorities have differing requests, from strengthening enforcement actions to harmonising the market and regulation before driving further integration.
Look out for news of the Commission’s Action Plan which it may publish based on all responses. And, for an overview of the ’s contribution to the Green Paper visit the EPC website.
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