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London hosts first summit of EU’s consumer groups

The Financial Services Consumer Panel is hosting the first EU-wide summit of consumer groups to discuss changes in financial services regulation.

Representatives from countries including Austria, Belgium, Estonia, Portugal, Slovenia and the Netherlands are convening in London.

The panels will discuss differences in how they operate and how they can come together more frequently to provide a more powerful unified voice for consumers.

The European Commission complained to the Treasury select committee in 2004 about the lack of consumer representatives to consult on financial services issues.

FSA chairman Callum McCarthy also referred to the lack of impact assessments on European regulation at the FSA’s AGM earlier in the year.

Financial Services Consumer Panel chairman John Howard says: “This is the first time that consumer representatives across the enlarged EU have met to discuss how to influence new laws on financial services coming from Europe. Industry bodies are already heavily represented and lobbying hard over the implementation of the European Financial Services Action Plan and consumers must be at the table too.”

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