Consumer Financial Services Action Plan

CONSUMER FINANCIAL SERVICES ACTION PLAN: BETTER PRODUCTS, MORE CHOICE, GREATER OPPORTUNITIES

In March 2017 the European Commission published an action plan setting out a strategy to strengthen the EU single market for retail financial services. The action plan seeks in particular to harness the potential of digitalisation and technological developments (FinTech) to improve consumer access to financial services across the EU.

The Commission has identified three main elements of further work to move a step closer to a genuine Single Market for financial services:

  1. Increase consumer trust and empower consumers when buying services at home or from other Member States.

  2. Reduce legal and regulatory obstacles affecting businesses when seeking to expand abroad

  3. Support the development of an innovative digital world which can overcome some of the existing barriers to the Single Market.

The Consumer Financial Services action plan, has been structured to increase transparency in currency conversion fees, allow easier product switching and consumer credit, promote better car insurance conditions for consumers and improve remote customer identification.

For further information kindly visit the European Commission’s publication on the following link:  https://ec.europa.eu/info/publications/consumer-financial-services-action-plan_en




Last updated: Apr 10, 2017