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Policy implications
Author(s) -
Mitchell Jeremy
Publication year - 1999
Publication title -
journal of consumer studies and home economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.775
H-Index - 71
eISSN - 1470-6431
pISSN - 0309-3891
DOI - 10.1046/j.1365-2737.1999.00105.x
Subject(s) - legislation , consumer protection , business , context (archaeology) , commission , european union , european commission , competition (biology) , financial services , single market , economic policy , public economics , finance , economics , commerce , political science , law , paleontology , ecology , biology
In the European Union, the framework of financial services legislation at EU level has been aimed primarily at forming a single market for banks, insurers and other financial services firms. Substantial progress has been made towards this objective. Also, the EU initiatives have stimulated a reappraisal of national regulatory systems. Most of this EU legislation (with the exception of the consumer credit directives) has not had consumer protection as one of its main aims, although it has been assumed that consumers will eventually benefit from a wide choice of financial services providers and from price competition. However, partly in response to consumer pressure, the European Commission is developing a set of initiatives more closely geared to protecting consumers’ interests. Within the context of the EU’s approach, there remain considerable variations in the approach to protecting consumers’ interests in different member states as a result of legal and cultural differences.