Adoption of the Consumer Financial Services Action Plan

The European Commission launched on 24 March 2017 its Action Plan for Consumer Financial Services. It seeks to tear down national barriers when it comes to financial services, setting out ways to provide consumers with greater choice and better access in this regard across the European Union. This Action Plan is a result of the Green Paper consultation on Consumer Financial Services, launched in December 2015.

The Commission identified three main strands of further work regarding the completion of a Single Market for financial services:

+ Increase consumer trust and empower consumers when buying services across the European Union;

+ Reduce legal and regulatory obstacles affecting businesses when seeking to expand abroad;

+ Support the development of an innovative digital world which can overcome some of the existing barriers to the Single Market.

In parallel, the Commission also launched a public consultation on technology and its impact on the European financial services sector (so called 'FinTech').

European Commission: DG Economic and Financial Affairs: Public consultation on FinTech [March to June 2017] http://ec.europa.eu/info/finance-consultations-2017-fintech_en

European Commission: DG Communication: MEMO/17/670, 23.03.17: Consumer Financial Services Action Plan: better products, more choice, greater opportunities http://europa.eu/rapid/press-release_MEMO-17-670_en.htm

European Commission: DG Communication: SPEECH/17/742, 23.03.17: Vice-President Dombrovskis on the Action Plan on Consumer Financial Services http://europa.eu/rapid/press-release_SPEECH-17-742_en.htm

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