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When Jonathan Hill launched the Commission’s work on retail financial services (now called the Consumer Financial Services Action Plan) in November 2014 he said “The EU’s legitimacy depends on the continued provision of tangible benefits to the public. Retail financial services and consumer policy is, I believe, an area where we can do exactly that.” At least from a British perspective, events have rather moved on since then.

The retail financial services agenda is among the most complex being addressed by DG FISMA. When compared to the challenge of strengthening prudential requirements for Europe’s banking sector or introducing new transparency rules for trading, it is not as controversial. But the task of demonstrating to the public the tangible value of the EU through retail financial policy is as difficult as any other being addressed within DG FISMA.

Today’s Action Plan takes an important step forward in addressing some entrenched issues. But with only two legislative actions initially proposed, it may struggle to meet Jonathan Hill’s original aspiration.

We have put together an easy to read overview of today’s action plan. We hope you find it useful.

To read the full analysis please click here.

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