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The introduction of the single currency and rapid developments in on-line selling have the potential to transform the situation. But it will only do so if:
These two objectives go hand in hand. There will be no business without confident consumers and willing providers. And in a world where increasingly more trade is carried out on-line, the quality and clarity of information provided to the purchaser takes on increasing importance.
In an effort to safeguard consumer interests, increasingly detailed information requirements are appearing at national and Community level. In the absence of a coherent approach, a proliferation of information requirements could create a barrier to the development of the single market in retail financial services. Put more positively, developing a coherent approach to information provision will help stimulate cross border activity, bringing greater competition to the industry and better deals for the consumer.