“On financial services, understandable information, transparent costs and clear comparability of offers are essential features”, Commissioner Kuneva said in her remarks on the Consumer Day 2008. With regard to Consumer Credit Commissioners Kuneva and McCreevy will be working closely to see what progress can be made on issues like switching, charges and financial education.
“Existing barriers to purchasing financial services across borders are often information-related. These relate to the quality and consistency of pre-contractual information and the possibility to really compare prices and conditions. We will be working on this issue in the year ahead.
“On Consumer Credit we have seen a very important step forward. For business, it will create a single, simple framework of rules.
- It will allow access to cheaper credit for consumers.
- Consumers will not be penalised for switching.
- It will be possible to compare interest rates across the EU
- Consumers will be presented in the same standard credit information form across the EU with all the key facts and figures - from interest rates to information on charges and linked insurances
- there will be a right of withdrawal for those who get cold feet
Key issues for 2008 include a consultation process for an EU wide classification of consumer complaints and work on comparable price data.
Our first screening showed that further investigation is warranted in retail financial services. “Building on the work already undertaken by the Commission, I will be studying the factors determining price transparency, comparability of offers and mobility of customers”, Kuneva said.
Alternative dispute resolution
“We would like to consolidate existing alternative dispute resolution (ADR) through the European Consumer Centres Network, and the individual judicial redress through cross border small claims procedure”, the Commission stated.
“For this reason I am currently looking at whether there is a need to develop the issue of collective redress. The discussion on collective redress needs to be situated not only within an overall Single Market perspective, but also in the context of different EU initiatives on redress. It is as one component of the overall picture on redress that I am currently examining collective redress.”
A Communication is to be published by the end of 2008 or early 2009.
Full speech
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