The European Parliament’s Committee on Economic and Monetary Affairs (ECON) has published a draft report on the European Commission’s action plan on retail financial services. The draft report contains a motion for a European Parliament resolution on the action plan and an explanatory statement by the rapporteur, Olle Ludvigsson.

In the explanatory statement the rapporteur warns that numerous concerns raised by the European Parliament in its resolution on the Green Paper on Retail Financial Services remain unanswered by the Commission. The rapporteur states, for example, that no coherent solution has been presented regarding the “confusing practices” which consumers are facing when making ATM withdrawals involving currency conversion, including in practice for the consumer to understand and control the situation fully. The rapporteur also argues that the Commission should accelerate its work to promote the mutual recognition and interoperability of digital identification techniques, without affecting the level of security of existing systems or their ability to fulfil the requirements of the EU anti-money laundering framework.

View ECON draft report on retail financial services action plan, 30 May 2017