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European Financial Services Round Table

Thursday, June 9, 2016
EFR paper on Retail Financial Services
The European Financial Services Round Table (EFR) has issued a paper on Retail, in which we share our views on the current challenges for retail financial services in Europe.

The EFR supports the aim of applying consistent supervision across market participants to ensure an adequate level of consumer protection for all regardless of the type of provider and the intention of the European Commission to achieve greater cross-border provision of retail financial services.

Since its inception in 2001, the Single Market for retail financial services has been a key focus of the EFR. A true single market would offer customers more choice through cross-border opportunities and allow companies to widely deploy their services to meet the full breadth of customers' needs. The opportunities brought by new technologies should encourage the provision of enhanced and innovative products and services enabling the industry to deliver those in ways better suited to customers' needs.

The EFR calls on the European Commission to observe better regulation principles to ensure that proposals have clear rationale and supporting evidence for regulatory intervention, and avoid negative or unintended consequences for customers and the financial services industry.