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ECON rapporteur on the financial services policy white paper van den Burg released her draft report posing the question of who is profiting from the success in the opening up of European financial markets. The rapporteur concludes that the borders between the sectors are becoming increasingly blurred. The high level of consolidation may lead to issues of competition law and market failure, van den Burg argues, lining out four topics of interest.
Van den Burg calls for more in depth economic impact studies and DG Competition sector inquiries on the question if there is sufficient competition at the top end of the market.
The rapporteur is also concerned about the rapid rise of the alternative investment business, and its implications on financial stability and systemic risks. Van den Burg, therefore, urges the Commission to assess the quality of supervision in off-shore locations and to step up cooperation.
To face the low degree of integration in the retail financial markets, the rapporteur recommends the financial industry developing pilots for pan-European financial products, such as pensions, mortgages or specific insurance products. An appropriate framework of supervision, contractual law and consumer protection should be developed for these products to be portable across borders within the EU, mutually recognised by all involved regulators.
Finally, the rapporteur recommends the Commission to consider facilitating and financing experts clearly linked or even assigned to European organisations of consumers and users of financial market products and services.