On 9 December 2015, the European Commission (the Commission) published a Green Paper on retail financial services (the Green Paper) containing questions for relevant market parties, such as consumer organisations, public authorities, consumers and other concerned stakeholders. Interested parties have been invited to respond to the consultation before 18 March 2016. On 3 February 2016, the Dutch Minister of Finance submitted the Dutch Government’s response to the Green Paper to the Dutch Parliament. The response summarises the Green Paper and addresses the main questions as set out in the Green Paper and should serve as a framework for answering the questions set out in the Green Paper.

The Green Paper seeks to promote the European Single Market for retail financial services. First of all, by making it easier for companies to offer cross-border retail financial services. In addition, the Green Paper aims to make it easier for consumers to buy retail financial services offered in other Member States. Another goal of the Green Paper is to make it easier for European citizens to take their financial service products with them if they move to another Member State. Please view our blog post of 11 December 2015 for more details on the Green Paper.

The Dutch Government supports the fact that improvements and solutions for the European Single Market for retail financial services are being sought. This could lead to more choice, lower prices and increased quality of retail financial services. The Dutch Government is looking forward to concrete proposals, which are expected to be published when the Commission publishes its action plan on retail financial services around the summer of 2016.

View the response of the Dutch government to the Green Paper, (Dutch only), 3 February 2016.

View the Green Paper on retail financial services: better products, more choice, and greater opportunities for consumer and businesses, 10 December 2015.