EBF response to the Green paper
on retail financial services and insurance

EBF advisor: Noémie  Papp

Publication date: 18 March 2016

I. EBF KEY CONCERNS AND RECOMMENDATIONS

The European Banking Federation (EBF) supports a competitive and effective Single Market for retail financial services which will benefit both consumers and businesses. The banking industry naturally acknowledges the legitimate political will of the European Commission to build a well-functioning Single Market which stimulates competition and trade, improves efficiency and raises quality for financial services. Consumers should be able to access the best financial products in Europe, and businesses, to develop their activities and sell their financial products across borders if they wish.

As a principle, the industry hopes for a more integrated cross-border market. Banks, like all companies, naturally aim at developing their activities, first, at national level, and then, at extending their products and services across borders. Unfortunately, it can be observed that many obstacles still prevent banks from selling financial products across borders.

In the context of the digital transformation of the banking sector, which brings many opportunities, and the importance for businesses to overcome the barriers they face in developing their business further, the EBF would like to take the opportunity of its response to the European Commission’s Green paper on Retail Financial Services and Insurance to propose a number of key recommendations which the European Commission might like to take into account