A new consultation from the European Commission on retail financial services must lead to real rights and choice for consumers, say Conservative MEPs.
It is designed to establish what barriers prevent providers from selling across EU borders, and prevent consumers from purchasing the best services available from anywhere in the EU.
The consultation, launched today, will cover a wide range of products, such as retail banking, current accounts, credit cards, mortgages and life insurance.
This latest step follows the Commission’s objectives of a Capital Markets Union, designed to open up EU capital markets, including for retail investors.
Conservative spokesman on Economic Affairs Dr Kay Swinburne said: “I am pleased to see the Commission addressing the key issue of retail financial services.
“It is vital that the single market is made to serve customers as well as businesses, and retail financial services must be an integral part of a successful capital markets union.
“I now look forward to working on this issue to make sure it fully delivers better products, transparency and choice for consumers.”
