In December 2015 the Commission commenced a comprehensive consultation on steps to take to create a 'true European market for retail financial services'. Stakeholders, including consumers are invited give their views on the ways to improve choice, transparency and competition in retail financial products and services, and ways to facilitate the cross-border provision of these products and services. The consultation is focused around insurance, mortgage, loans, payments and bank accounts.
The consultation seeks to engage stakeholders in various ways. Consumers can record and share their experiences, and consumers and interested stakeholders had already a chance to participate in a live chat with the Commission (see our earlier post here). Besides these, stakeholders can also submit their written responses to the questions outlined in the Green Paper on retail financial services.
In line with the general framework of the consultation, the Green Paper seeks our input on how to improve cross-border access to financial services, and thereby improve competition in retail financial services sector and improve consumer choice in products and services. The Commission aims to identify the specific barriers that consumers and firms face in using the internal market, and identify the ways to overcome those barriers, including the best use of digital technology.
Responses can be submitted by 18 March 2016.