- 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.