According to a report in the Financial Times, the European Commission is considering measures to open up the European Union market for retai...

According to a report in the Financial Times, the European Commission is considering measures to open up the European Union market for retail financial services, including action against restrictive practices relating to bank accounts and the introduction of standardised financial products offered across all member states without requiring the approval of national regulators. An outline of the proposals still subject to revisions which has been obtained by the FT - cites term-life insurance and savings products as examples where there could be Union-wide standards. The EU internal market commissioner, Charlie McCreevy, will present a long-awaited policy document in May detailing the proposals which, according to the paper, will encompass asset management and mortgages, but will also look into obstacles to opening accounts cross-border, as well as issues regarding their handling, portability, transferability and closure. The Commission is particularly concerned about the problems people face who have bank accounts outside their country of residence. It has not yet specified though whether it will propose new legislation on this issue or tackle it by other means.