MEP to present financial services study

Dutch Socialist MEP Ieke Van den Burg is planning to present a detailed study to the European Parliament this summer on the gaps in the European Commission’s financial services action plan (FSAP).

Launched in 1999, the FSAP aimed to create a single market for financial services across the EU through a series of 42 measures covering sectors including banking, insurance and pensions.

"Who is now profiting from this integration of the sector?" asked Van den Burg. "Bigger companies at the top level of the market are benefiting a lot from harmonisation. The question is whether this really translates into benefits for smaller companies and the ordinary client."

Van den Burg hopes to push Internal Market Commissioner Charlie McCreevy to involve more consumer groups in decision-making. Meglena Kuneva, the consumer protection commissioner is finalising a green paper reviewing EU consumer law.

Dutch Socialist MEP Ieke Van den Burg is planning to present a detailed study to the European Parliament this summer on the gaps in the European Commission’s financial services action plan (FSAP).