Green paper on retail financial services and insurance

Key points:

The EESC:

• welcomes that the Commission is on track and has an ambitious programme for implementing the Action Plan on Building a Capital Markets Union;

• endorses the idea of endeavouring to facilitate the cross-border penetration of retail financial services and the possibilities for consumers to switch providers;

• welcomes the Commission's approach in the Green Paper of seeking suitable policies to stimulate both sides of the retail financial services market: supply and demand;

• endorses that consumers should be given the opportunity, whenever possible, to compare different products, so they can make an informed choice;

• is of the view that results from this consultation need to be translated into a more ambitious programme that overcomes the longstanding problems;

• suggests that the results from the consultation process be applied as a matter of priority to simpler products for which local factors have comparatively less importance;
• finds it imperative to make every effort to avoid reopening Directives (such as PSD 2 and MCD) that have been just adopted.

Roadmap to the Green Paper on Retail financial services and insurance - European Commission

Other relevant EESC opinions on Retail financial services and insurance:

• Green Paper on Retail Financial Services (INT/361 - CESE 62/2008)
• Information – investment products (INT/652 - CESE 1841/2012)

Other relevant EESC opinions:

• Consumers and cross- border possibilities within the Single Market (INT/550 - CESE 526/2011)
• The Single Market Act - identifying missing measures (INT/688 - CESE 3154/2013)

For more information please contact the INT Section Secretariat.