More protection for bank and insurance customers
The #IT2014EU Semester in brief

The new rules concerning securities settlement systems, investment funds and bank accounts increase protection and transparency for consumers as concerns their relationships with banks and insurance companies.

The Council of 23 July took decisions aimed at reducing the risks for users and scaling up opportunities within the Single Market. On a practical level, it did so by approving a regulation improving securities settlement systems through obligations of transparency and clarity in accountancy and rules reducing the risks linked to operations and services offered by securities depositaries.

Furthermore, a directive on investment funds concerning depositary duties, remuneration policies and sanctions was approved. This directive will allow consumers to make informed choices when opening a bank account, will improve information transparency and comparability on account charges and will eliminate discriminations based upon residence. It will also make bank transfers easier for consumers.

 

Last update: 02 January 2015