EU reveals e-commerce plan for financial services

From...

by Paul Meller

(IDG) -- The European Commission on Friday published its plan to help develop electronic commerce in the financial services sector.

The approach outlined in the Commission's proposal is based on the principle that the trading rules applied to cross-border sale and purchase of financial services should be those of the member state where the service provider is established, the so-called "country of origin" principle.

"This should ensure a level playing field between online and more traditional modes of distance trade," the Commission said in a statement.

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In recognition of the need for insuring consumer confidence, the Commission has proposed a series of measures including further harmonization of national consumer and investor protection rules and the creation of out-of-court redress or alternative dispute resolution mechanisms.

"The steps outlined today represent a change of gear toward the establishment of an integrated European market in retail financial services," said internal market commissioner Frits Bolkestein.

"Updating our legislative framework to harness the benefits of the new knowledge economy is essential if the benefits are to feed through to the European consumer in terms of increased choice, competition, and lower prices," Bolkestein said.

"It is vital that the Commission provide European businesses with an environment in which they can flourish and remain competitive in the global economy," he said.

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