The Commission has published its Financial Services Action Plan for a “deeper and fairer Single Market”. As ever, the priority is to enhance competition and improve consumer choice, regardless of where and how consumers shop for financial services and products. The plan notes that only 7% of consumers buy financial services from other Member States and is committed to eliminating the distinction between domestic and other EU markets. Among the measures the Commission thinks will help are:
- increasing consumer trust and making it easier, for example, for car insurance purchasers to take their no-claims bonus “abroad” as well as reducing fees for cross-border transactions in non-euro currencies;
- making product switching easier;
- working on common criteria for creditworthiness and exchange of credit register data to reduce obstacles businesses face;
- focusing on how to create a deeper single market for consumer credit;
- supporting digital innovation and supporting Fintech by focusing on technology neutrality, proportionality and improved integrity; and
- encouraging digital identity checks.