Press Release: Competition: Commission opens sector inquiries into retail banking and business insurance

The European Commission decided on 13 June 2005 to launch sector inquiries in financial services in the European Union in the areas of retail banking and business insurance. The inquiries will examine whether competition is working in these markets and whether markets are competitive enough to deliver their full benefits to consumers. The inquiries will be complementary to the Commission's parallel initiatives to remove regulatory barriers within the Single Market for financial services. In carrying out the sector inquiries, the Commission will work closely with market participants and Member State authorities. The Commission will begin its inquiries with an investigation into retail banking, and in particular payment cards. The inquiries into other aspects of retail banking and into business insurance will follow later in 2005.

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