This document is an excerpt from the EUR-Lex website
Consumer financial services — green paper
SUMMARY OF:
SUMMARY
WHAT DOES THIS GREEN PAPER DO?
KEY POINTS
The EU has adopted several existing legislative measures in retail financial services, such as the Mortgage Credit Directive and the Payment Accounts Directive. Nevertheless, this European Commission consultation seeks to identify remaining barriers that stand in the way of a more integrated and competitive single market for retail financial services — barriers which still prevent consumers and providers from purchasing or offering the best services available in the EU.
The paper highlights some of the existing problems in the retail financial services market, such as:
It addresses the impact of digitalisation and innovation such as online banking, new business models and digital technologies. These present opportunities for both providers and consumers but can also pose regulatory and consumer protection challenges.
Some specific issues and potential solutions are highlighted. For consumers, these include:
For suppliers, the paper suggests ways to create new market opportunities. These include facilitating the greater use of digitalisation and enabling electronic signature and verification of customers.
The Commission envisages publishing an Action Plan on Retail Financial Services to follow up the consultation some time in summer 2016.
BACKGROUND
For more information, see ‘Retail financial services’ on the European Commission’s website.
KEY TERMS
* Retail or consumer financial services are financial services offered to ordinary consumers. This covers a wide range of products including
ACT
Green Paper on retail financial services — Better products, more choice, and greater opportunities for consumers and businesses (COM(2015) 630 final of 10.12.2015)
last update 30.05.2016