EBIC encourages EC to accept its self-regulatory initiative on transparency and comparability of personal current account fees

18 November 2011

The European Banking Industry Committee (EBIC) has put forward to the European Commission a final proposal for self-regulatory measures on transparency and comparability of personal current account fees.

The proposal now presented to the European Commission complements the recently-implemented Directive on payment services in the internal market. It puts forward a set of principles that should guide the 27 national banking communities in introducing additional measures to enhance transparency and comparability, and that should reach consumers’ needs. The principles represent a significant step forward as they will lead to the enhancement, within each national market, and in close involvement of consumer stakeholders, of harmonised tools: uniform terminology for the most common services within that market; glossaries to explain the terms used; a standardised general presentation on applicable fees; and individualised periodic reporting on fees paid.

The European banking community stands ready to start implementation of the principles in national markets and is encouraging the European Commission to accept the EBIC proposal.

Press release

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