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EU banking sector: Consumer Rights improvement has priority, says Commissioner Barnier

December 9, 2011 - Citizens & Consumers

European Commissioner for Internal Market and Services, Michel Barnier, shares his thoughts on Consumer Rights with John Rega, Chief Correspondent MLex FS.

Improving Consumer Rights when it comes to banks has priority for Commissioner Barnier. First of all, the Commissioner wants to improve the transparency of bank account fees. To make sure that transparency is provided to consumers, a legislative proposal is currently being prepared in order to force banks to become more transparent on the fees they charge to consumers. Furthermore, the Commissioner points out that about 20 million European citizens do not have access to a bank account at this very moment. 6 to 7 million of them were refused to open a bank account, simply meant for day-to-day activities. Providing these people with access to a bank account is a pressing point on his agenda.

When it comes to Electronic Commerce, the Commissioner wants to improve the position of consumers by removing administrative barriers. Most often these barriers are of fiscal nature, concern payment difficulties or problems with the delivery and transport of goods.

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