The European Commission is currently preparing a Green Paper on retail financial services. Proposals for a true internal market for retail financial services have been on the agenda for many years. While digitalisation and the internet open up more and more opportunities for cross-border service provision, retail financial services and markets remain fragmented. EU consumers and businesses still face obstacles of a fiscal and regulatory nature when trying to gain cross-border access to better and cheaper financial services and products.
The Commission has been asked the following Parliamentary questions in relation to the Green Paper:
- What timetable does the Commission foresee for the adoption of the Green Paper, and for a possible legislative follow up?
- Does the Commission agree that the Better Lawmaking agenda should not prevent legislation if this leads to the elimination of barriers in the internal market, and that too much legislative reticence would be to the detriment of the internal market?
- Does the Commission consider that its response to digital innovation and developments in the market for retail financial services is timely and keeps pace with developments?