Euro consumers pay through the nose
A lack of competition means Europeans pay more for insurance and other financial services, according to regulators.
The European Commission says just 1% of nearly 500 million people use a foreign insurer, bank or investment manager, and price variations for financial services across the European Union (EU) are an example of inadequate competition.
The EU, which is encouraging international insurers and banks to operate in Europe, has issued a policy paper on streamlining consumer protection rules, revising regulations and creating generic bank accounts available across the EU.
The commission is also looking at tearing down tariffs and other forms of protection in the financial services market by looking at commonly applied national laws for insurance policies.
The European Commission says just 1% of nearly 500 million people use a foreign insurer, bank or investment manager, and price variations for financial services across the European Union (EU) are an example of inadequate competition.
The EU, which is encouraging international insurers and banks to operate in Europe, has issued a policy paper on streamlining consumer protection rules, revising regulations and creating generic bank accounts available across the EU.
The commission is also looking at tearing down tariffs and other forms of protection in the financial services market by looking at commonly applied national laws for insurance policies.