The Commission has published a report on retail banking. It found:
- information on bank fees and charges is opaque and customers are often unable to get clarity on the fee information they need. Also, charges are far higher in some Member States than others;
- consumers find the form of pre-contract information incomprehensible and want clear and comparable standardised information;
- there is evidence that many consumers do not get suitable advice and many advisers may not understand the products well enough. The report also noted inherent conflicts for bank staff advising on products;
- but switching of bank accounts is less frequent than other products.
The Commission is reminding Member States of obligations under current legislation like the Unfair Commercial Practices Directive and will feed the results of its work into its retail financial services strategy. Meglena Kuneva also spoke on restoring trust in retail financial services.