While a well-functioning market for retail financial services is important for both the economy and citizens of the EU, policymakers have not adopted measures to tackle the source of the problems consumers are facing: artificial complexity, unfair commercial practices, exclusion of vulnerable groups from using basic services as well as a lack of social corporate responsibility and of the involvement of public authorities.
Finance Watch reminds policymakers of the importance of guaranteed access to a minimum basket of financial products, of establishing clear rules for simple and sustainable financial products and of making a comprehensive analysis at European level of the whole retail financial services market regarding its size, the nature of institutions, their business models, distribution channels and remuneration.
