Protecting Consumers? Regulation of Financial Markets in Europe

Martin Sullivan

Chapter 7 in Europe, Policies and People, 2002, pp 100-115 from Palgrave Macmillan

Abstract: Abstract The creation of a single market for retail financial services products in Europe was an important objective of the 1986 Single European Act. Given the range of activities involved and the differences that existed in national financial systems, this was always going to be a difficult objective to achieve. Although a considerable degree of integration had existed for some time in wholesale financial markets, the retail sector was characterised by segmentation along national lines, brought about by differing national histories, institutional structures and customs, and often by regulatory controls on cross-border activities. The result was that competition was restricted and consumer choice limited, with considerable national differentials prevailing in the prices charged for retail financial services such as motor insurance, home loans, consumer credit, foreign exchange drafts and many securities operations.

Keywords: Member State; Host Country; Venture Capital; Protecting Consumer; Service Product (search for similar items in EconPapers)
Date: 2002
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-4039-0737-0_7

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DOI: 10.1057/9781403907370_7

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