Banks and Consumers

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BANKS AND CONSUMERS − to protect consumers effectively from serious risks and threats The current strategy reflects a high degree of continuity with previous EU consumer policy goals. To further enhance its effectiveness, it will interact even more closely with other EU policies in future. Closer cooperation with the EU member states will also be pursued to reflect the growing interdependence between EU and national consumer policies. To attain the above objectives, EU consumer policy will focus on the following: − better monitoring of consumer markets and national consumer policies − better consumer protection regulation − better enforcement and redress − better informed and educated consumers − putting consumers at the heart of other EU policies and regulation The European Commission’s aim in its consumer policy strategy is to demonstrate to all EU citizens by 2013 that they can shop from anywhere in the EU in the knowledge that they enjoy the same level of legal protection and, at the same time, to make clear to retailers that they can sell anywhere in the EU if they follow a single, simple set of rules. This aim is reflected in, among other things, the 2010 Action Plan presented by the Commission and its 2010 communication on “Regulating Financial Services for Sustainable Growth”. 1.3 Consumer protection and financial services For the European Commission, an important lesson from the financial crisis is that consumer and investor confidence in the financial markets needs to be restored by taking tough action against those who misuse the system. The ambitious financial reform programme outlined by the Commission in its 2010 communication on “Regulating Financial Services for Sustainable Growth” is based on four main principles: 74
BANKENVERBAND − − − − enhanced transparency more effective supervision enhanced resilience and financial stability strengthened responsibility and consumer protection Evidence shows that consumers benefit most when information is concise, comprehensible and comparable. I want to ensure that consumers receive appropriate information – and understand it. John Dalli, EU Commissioner for Health and Consumer Policy, before the European Parliament‘s Economic and Monetary Affairs Committee, 28 April 2010. For the area of consumer protection, this means that the legal framework must provide the right incentives to restrict overly speculative and risky behaviour and ensure that the financial services sector serves the interests of both citizens and the real economy. Another of the European Commission’s avowed aims is to create a “coherent” European contract law. In its 2010 “Green Paper on policy options for progress towards a European Contract Law for consumers and businesses”, the Commission points out once again that various factors are hampering completion of the single European market, which, as a result, cannot unfold its full potential. One of the barriers hindering the smooth functioning of the single European market is, in the Commission’s eyes, the differences between national contract laws. These differences are to be found not only in areas where there is no EU regulation (e.g. general contract law), but also in areas that have been partly aligned at EU level through minimum harmonisation – take, for example, consumer protection. Such minimum harmonisation allows room for different national approaches in consumer protection law. The Commission assigns a vital role in overcoming these obstacles to a still-to-be-developed optional European contract law guaranteeing a high level of consumer protection. This law could then be adopted by contracting parties as an alternative to national law. The Association of German Banks believes that the Commission’s approach could be a major step towards improving the civil-law framework for cross-border transactions. It should be easier for contracting parties to jointly agree to base their contract on a European contract law instead of one party accepting a legal regime with which it is unfamiliar. Even though many questions are still open, if a European contract law were to stand the test in practice, if it were in particular to find widespread acceptance, the establishment of a uniform European framework in the form of a European contract law or even a European civil code may well be feasible. This is likely to be a long-term project, however. In response to the financial crisis, the European Commission is exploring, among other things, measures to improve “responsible lending and borrowing”. The aim behind this is to keep the risk of consumer indebtedness to a minimum. The Association of German Banks welcomes 75
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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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BANKS AND CONSUMERS III Consumer po
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Page 28 and 29: BANKS AND CONSUMERS 3 Partners for
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