Making banking fees more transparent and comparable for consumers. That's the way forward according to the European Commission when it comes to the promotion of a competitive single European market for banking services. This Monday the European Commission, together with the banking industry and consumer advocates, launched a self-regulatory initiative to achieve these aims.
The self-regulation should address the following problems:
(1) Complex bank fee terminology;
(2) Difficulty in comparing bank fees;
(3) Lack of basic consumer information on bank fees.
For more information, including reports identifying the problems on the internal market for consumer banking services, click here.
