Consumer protection is key to EU financial services says ACCA
Professor Robin Jarvis, Chair of FIN-USE, the European Commission’s appointed expert group on financial services, and Head of ACCA’s Small Business Unit, will be speaking on the issue of Consumer Protection and Financial Services at this year’s Eurofi Conference at the European Parliament in Brussels on 6 and 7 June.
Jarvis will argue that consumers - including small businesses - need protection when purchasing financial services and that simply relying on greater education of consumers, and clearer documentation will not maintain a fair and efficient market in complex financial products.
Jarvis says: “Financial services, mortgages and pensions in particular, must be explained to consumers by competent, impartial and regulated individuals. After all, consumers are only likely to buy these financial products once, and cannot be expected to understand all the complex minutiae surrounding them.
“Accountants are an excellent example of a regulated profession that is able to provide impartial advice on complex financial products. More must be done to ensure that consumers understand the value of seeking impartial advice from regulated sources.”
Jarvis will also describe the benefits that harmonisation of the EU financial services market could bring to Europe. “On a macro level, greater harmonisation will increase member states’ GDPs, while on a micro level it will increase the value of everyone’s pensions, savings and mortgages. Breaking down the barriers between cross-border trade is an aim we should all share.”
Jarvis concludes: “ACCA’s Small Business Unit have argued strongly that small businesses are consumers of financial products, and so need the same protections as individual consumers. I am pressing for a full consultation of all consumers, including small businesses, at all levels of the development of harmonisation of financial services.
“Too often and in too many countries small businesses and individuals are left out of consultations on this issue. This trend must be reversed, with Governments throughout Europe, funding and supporting financial services consumer groups. If a service is to be designed for them, then they need to be involved and consulted in a meaningful way.”
For further information, please contact:
Ian Welch ACCA Press Office +44 (0) 20 7059 5729
Helen Thompson +44 (0) 20 7059 5759