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27/08/2016

How can financial services work better for EU consumers in the digital age?

Digital

How can financial services work better for EU consumers in the digital age?

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2015 has seen high-profile EU initiatives in financial services, most notably the publication of the Capital Markets Union (CMU) proposals. But attention is also turning to the ‘consumer agenda’.

European Commissioner Lord Hill urged his fellow policymakers in June to “look at retail financial services from the point of view of the consumer”; and, on 10 December, the Commission’s DG FISMA launched a Green Paper on Retail Financial Services and Insurance, including exploring the potential of ‘digitalisation’.

Issues include the different prices of financial services products – such as mortgages, bank accounts and insurance – across the EU and the difficulties that businesses can face in seeking to provide products across different countries.