Better products, more choice, and greater opportunities for consumers and businesses

On 10 December, the European Commission published a Green Paper* on retail financial services.

The paper analyses the current state of the retail financial services markets, highlighting the current market fragmentation and insufficient competition, as well as the increased impact of digital technology on retail financial sector (online banking, peer-to-peer lending, price comparison websites, etc.).

The aim of this consultation is to identify and find potential solutions to the barriers hindering an integrated and competitive Single Market for retail financial services.

In particular, on the consumers’ side, the paper submits to the attention of the market potential ways to help consumers to buy financial products cross-border, also by making financial services accessible from anywhere in Europe and encouraging comparability and understanding of the products through improved disclosure.

On the providers’ side, the goal is to create new market opportunities, helping firms make better use of digitalisation and making it easier for them to comply with legal requirements applicable in other Member States.

The Green Paper does not purport to review any particular Directive as such, but depending on the feedback received, an Action Plan might be proposed around summer 2016, potentially including legislative and non-legislative initiatives (such as guidelines).

The Green Paper can be found here: http://goo.gl/9w16Hh

Responses may be submitted until 18 March 2016.

Please do not hesitate to contact us should you need any assistance in submitting your response or any further clarification on the Green Paper.

* Green Papers are documents of policy proposals for discussion purposes without commitment to action. The objective of such documents is to arrive at a general consensus before drafting the official policy document

Contacts:

Vito Vittore
Senior Partner

Elena Pagnoni
Of counsel

Luigi Bonifacio
Associate