Banks and Consumers

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BANKS AND CONSUMERS so far as the objectives of the proposed action cannot be sufficiently achieved by the Member States, either at central level or at regional and local level, but can rather, by reason of the scale or effects of the proposed action, be better achieved at Union level.” (Art. 5(3), EC Treaty). − NATIONAL LAW ON THE BASIS OF EUROPEAN LAW Especially in the area of consumer and investor protection, national law is determined by harmonisation measures at European level. If European legislators choose a directive as a regulatory vehicle rather than a regulation, it is the task of the EU member states to transpose its content into national law within the period set – a certain amount of latitude in implementation remains. In the area of consumer and investor protection in particular, the “minimum harmonisation” approach, i.e. harmonisation of rules and regulations limited to the lowest common denominator, has been pursued so far. Under this approach, a directive establishes a certain minimum standard which the individual EU member states may go beyond when implementing this directive at national level. The European Commission’s approach of abandoning this principle in favour of full harmonisation meets with reservations at national level in some cases, however. It is feared that the allegedly “high” national level of consumer/investor protection will have to be adjusted or lowered to the different European level. 72
BANKENVERBAND 1.2 The EU’s consumer policy programme The widely recognised guiding notion in Community law is that of the so-called “responsible consumer”, i.e. a person who is considered to be “reasonably well-informed” as well as “observant and circumspect” and who can perform his/her role “as an active market citizen” in an economically sensible manner on his/her own responsibility. This definition was shaped by rulings of the European Court of Justice (ECJ), which, for example, gears the application of bans on misleading behaviour to the “presumed expectations” of an “average consumer who is reasonably well-informed and reasonably observant” in order to avoid excessive restrictions. Moreover, the ECJ views the provision of information to consumers as one of the basic requirements of consumer protection in the European Union. The realisation that information is a crucial factor in consumer policy is also playing an increasingly important role in the European Commission’s consumer policy programmes and action plans. The aim is to enable consumers to base their decisions on meaningful information. Since 1975, the European Commission has pursued a strategy of its own in consumer policy. It assigns a special role to EU consumer policy in achieving the following two objectives: − modernising the European economy − ensuring a higher standard of living for European Union citizens In this time of economic crisis, it is more important than ever that we work hard and fast to bring these rights to consumers. Until consumers feel that their rights are protected when they shop across borders, they will limit their purchases to their own countries and won’t take advantage of the EU’s crown jewel – the Single Market. Viviane Reding, Vice-President of the European Commission, responsible for Justice, Fundamental Rights and Citizenship, in her speech entitled “An ambitious Consumer Rights Directive: boosting consumers’ protection and helping businesses”, European Consumer Day 2010, 15 March 2010. The aim of consumer policy within the single European market is to create the conditions for greater choice and further cross-border trade and to allow consumers to meet their needs throughout the EU on fair conditions. Consumers should have at their disposal sufficient accurate information before doing business. Barriers to crossborder consumer demand for products or services need to be eliminated. Consumers’ basic economic freedoms, their freedom to choose and freedom to decide, must be protected. The growing importance of consumer protection at European level is reflected in the “EU Consumer Policy Strategy 2007–2013”, which defines the following three main objectives: − − to empower consumers through accurate information, market transparency and the confidence that comes from effective protection to enhance consumers’ welfare in terms of price, choice, quality and safety – consumer welfare is at the heart of wellfunctioning markets 73
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BANKS AND CONSUMERS The comprehensi
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Contents I Banks and consumers - a
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BANKS AND CONSUMERS I Banks and con
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BANKENVERBAND II What is consumer p
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BANKENVERBAND lasting business rela
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BANKENVERBAND THE ECONOMIC IMPORTAN
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BANKENVERBAND customers. Some clien
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BANKENVERBAND financial services ar
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Page 51 and 52: BANKENVERBAND 3 Transparency in con
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Banks and Consumers

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