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Davies warns of impediments to single EU market

A series of potential obstacles may prevent the single European financial services market from realising its full potential, according to outgoing FSA chairman Sir Howard Davies.

Speaking in London last week at the City & Financial Conferences event, The Impact of the EU Financial Services Action Plan on the Regulation of the European Securities Markets, Davies outlined the FSA&#39s priorities for developing the single financial services market by 2005.

Davies said a serious impediment is the lack of a proper framework on which core standards should be harmonised.

He said there is a need for banking and insurance committees to be established to ensure consistency across the EU, something which has been agreed in principle but has yet to take shape.

He also identified protectionist tendencies of individual governments as a major barrier to further European integration and said there is a major need to analyse similar obstacles.

The potential of a single market will not be realised without significant EU-wide financial companies yet Davies said there are still countries where for legal and tax reasons it is impossible to buy a bank or a fund manager.

He said: “I have no difficulty whatsoever with the aim of creating a single financial market across the European Union.

“I believe that will be advantageous to Europe&#39s citizens in terms of additional choice open to them in meeting their financial needs.”

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Jeremy Pearson is Technical Support Manager with Canada Life’s ican Technical Services Team. Canada Life offers a range of wealth management solutions, including retirement income planning, estate planning and investment solutions from a choice of jurisdictions, including the UK, Isle of Man and Republic of Ireland. Many parents value the standard of education offered by […]

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