Thursday, 11 November 2010

Transparent and comparable bank fees

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.

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