![]() ![]() The action plan seeks in particular to harness the potential of digitalisation and technological developments (FinTech) to improve consumer access to financial services across the EU.ĭigital services such as mobile banking, peer-to-peer lending and price comparison websites present many opportunities for service providers and consumers and they could promote better integration of the single market in consumer financial services. In March 2017 the European Commission published an action plan setting out a strategy to strengthen the EU single market for retail financial services. In parallel, a special Eurobarometer survey was also launched to collect more evidence on the consumer financial services market. To identify remaining barriers, the Commission held a consultation and a public hearing to gather the views of a broad variety of stakeholders. improved consumer protection rules for distance marketing of financial services and retail investment productsĮU measures on retail financial services have led to positive outcomes, but more has to be done to achieve a fully integrated European market in this area.initiatives to increase the level of consumer protection and facilitate the cross-border distribution of insurance, mortgages and consumer credit.rules to protect deposits of up to €100,000 in the case of bank failure. ![]() measures to guarantee an EU-wide right of access to basic bank accounts The term Consumer Financing is when a business or retailer offers customer financing options to its customers using either their own funds or the funds of a.The EU has taken a number of measures to promote a competitive and safe retail financial services market in Europe. As a result, consumers do not always receive the benefits of increased competition such as more choice and cheaper prices. Selling or providing goods or services on a credit basis Making consumer leases or taking assignments of consumer debt Originating or servicing open-end. These services still operate largely on a national basis and it remains difficult for consumers to access or transfer certain financial products across borders, such as most insurance products or mortgage credit. There is not yet a fully integrated EU single market for retail financial services. The Commission also aims to further integrate the market. Consumers should be able to make well-informed decisions about financial products, and feel confident that they are adequately protected. The Commission aims to promote transparency and consumer protection in this area. Consumer financial services, also called retail financial services, are financial services offered to ordinary consumers. They cover a wide array of products such as:
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