| Author (Corporate) | European Commission |
|---|---|
| Series Title | COM |
| Series Details | (2013) 266 final (8.5.13) |
| Publication Date | 08/05/2013 |
| Content Type | Policy-making |
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The continued development of the single market in the area of financial services is of primary importance for Europe’s growth and competitiveness. However obstacles to a fully integrated internal market for financial services remain. Recent initiatives at EU level have sought to help the single market to develop its full potential by ending market fragmentation and eliminating barriers and obstacles to the movement of services, while also strengthening citizens' confidence in their internal market and ensuring that its benefits are passed on to consumers. The Single Market Act (SMA) I, adopted by the Commission in April 2011, outlined twelve levers to boost growth and strengthen citizens' confidence in the single market. In the field of retail financial services, SMA I stated that particular regard should be given "to the transparency of bank fees and better protection of borrowers in the mortgage market". The Commission also announced "an initiative concerning access to a basic payment account for all citizens at a reasonable cost, wherever they live in the EU" in order to enable all citizens to participate actively in the single market. The SMA II, adopted on 3 October 2012, identified a legislative initiative on bank accounts in the EU as one of the twelve priority actions to generate real effects on the ground and make citizens and businesses confident to use the single market to their advantage. Its aim is to "give all EU citizens access to a basic payment account, ensure bank account fees are transparent and comparable, and make switching bank accounts easier". Furthermore, the Commission announced proposals in the area of transparency and comparability of bank fees and bank account switching as part of the Commission's Work Programme for 2013. This proposal aims to improve the transparency and comparability of fee information relating to payment accounts, facilitate switching between payment accounts, eliminate discrimination based on residency with respect to payment accounts and provide access to a payment account with basic features within the EU. It will contribute to easier market entry, increased economies of scale and therefore increased competition in the banking and payment industries, both within and across Member States. Taking steps to simplify the comparison of services and fees offered by payment services providers and facilitate the process of switching between payment accounts will, in turn, improve prices and services for consumers. This proposal will also guarantee access to basic payment services to all EU consumers and prohibit discrimination based on residency against consumers who intend to open a payment account abroad, to the benefit of both payment service providers and consumers. |
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| Source Link | http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=COM:2013:266:FIN |
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| Subject Categories | Business and Industry |
| Countries / Regions | Europe |
