18 December 2008

Single Market Review: one year on

The progress report sets out the Commission strategy for the single market in 2009 and outlines a series of measures that have already been taken or are in the pipeline.

With regard to the retail services sector, the Commission action scheduled for 2009 include:

Ø       Bank account switching: an industry code of Common Principles on Bank Account Switching, agreed by the EU banking industry on 5 November 2008 following a request by the Commission, will make it easier for consumers to switch banks11.

Ø       Cross border payments: the Commission has presented a proposal to extend the scope of the Regulation on cross-border euro payments12, which will ensure that direct debit payments in euro within the EU cost the same as domestic payments.

Ø       Financial education: given the key importance of financial literacy for consumer confidence, the Commission is implementing a series of measures to improve the financial capability of consumers.

Ø       Retail investment products: the Commission will publish a White Paper in early 2009, which will look at where more can be done to protect citizens who invest in retail investment products. The Commission is also examining how to improve the quality of information provided to consumers in the field of mortgage credit.

Press release

Report

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