HM Treasury, the FSA and the Office of Fair Trading (together 'the UK authorities') have jointly published an initial response to the European Commission Green Paper, Retail Financial Services in the Single Market (the Paper).
In the response to the Paper the UK authorities:
- Agree with the primary objective of increasing consumer welfare and welcomes the European Commission's commitment to apply better regulation principles to future initiatives.
- Considers that the main focus should be on the completion of initiatives already underway such as Solvency II, MiFID implementation, SEPA and UCITS.
- Fully support greater co-operation between national ombudsman schemes through FIN-NET and believes that FIN-NET has a role to play in facilitating the development of a more integrated market in retail financial services by giving consumers greater confidence to purchase products on a cross-border basis.
- Urges the European Commission to revise the Insurance Mediation Directive (including its scope) in 2008/09 and supports the Commission's review of the Distance Marketing of Financial Services Directive.
View The UK response to the EC Green Paper, Retail Financial Services in the Single Market, (PDF 49.3KB), 25 July 2007