EU: After bank shortcomings, Commission to force lenders to facilitate account switching
The European Commission has announced that the regulator is resorting to legislating to force the continent’s lenders to facilitate the account switching process and reduce paperwork for customers, noting that the banks have failed to solve the issue on their own. In a move intended to ensure equal access to basic bank accounts throughout Europe, the Commission will force the banks not only to facilitate the process of switching banks, but will also require that those banks increase their transparency on account fees. The regulator hopes to strengthen competition in the market with the reforms. A recent study from the watchdog revealed 32 percent of a surveyed sample of bank websites did not provide any information on how to switch bank accounts for consumers. In a statement, EU financial services head Michel Barnier said the move will hopefully lead to “better offers from banks and lower costs.”
Full Content: Businessweek
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Redfin Settles $9.2M Commission Inflation Lawsuits
May 7, 2024 by
CPI
DOJ Supports Colorado’s Efforts to Block Kroger-Albertsons Merger
May 7, 2024 by
CPI
Japan Considers Regulation of AI Developers
May 7, 2024 by
CPI
European Commission Extends Decision Deadline for Ita-Lufthansa Merger
May 7, 2024 by
CPI
UK, US and Australia Sanction Senior Leader of LockBit Cybercrime Gang
May 7, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI