The Commission published its Green Paper on retail financial service. The Green Paper sets out the overarching objectives of the Commission’s policy in the area of retail financial services, presents in more detail the actions necessary to bring the benefits of integrated EU financial market to users, and requests feedback from stakeholders on the direction being taken.
The Commission seeks to develop integration in retail financial services markets in three main ways:
benefits for consumers by ensuring that properly regulated open markets and strong competition deliver products that meet consumers' needs, offering choice, value and quality;
consumer confidence by ensuring that consumers are properly protected where appropriate, and that providers are financially sound and trustworthy;
empowering consumers to make the right decisions for their financial circumstances. This is based on several elements, including financial literacy; clear, appropriate and timely information provision; high-quality advice; and a level playing field between products perceived as having similar characteristics. Empowered consumers may be more confident in seeking out the best deals to meet their needs, regardless of the location of the financial services provider.
The Commission will organise a hearing on 19 September 2007.
The results of the consultative process will be incorporated into the Single Market Review, to be published autumn 2007.
Deadline for comments on the Green Paper is 16 July 2007.
Press release
Green Paper
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© Graham Bishop
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