The Commission proposal aims to remedy the difficulties faced by many EU consumers in accessing a payment account; the lack of transparency on fees on payment accounts and the obstacles to switching from one service provider to another. The proposal includes: a right for all consumers to open and use a payment account with basic features; greater transparency of fees and standardised terms and definitions; and a standard procedure for switching providers within fixed timeframes. In addition, there will be at least one independent website for comparing fees in every country.
Our Group strongly supports the Commission's goal and calls for its adoption as soon as possible. Everyone should have access to the standard transactions of everyday life, regardless of factors such as financial situation, employment status, credit history or place of residence in the EU. Therefore, we support the inclusion of all services, providers and consumers in the legislative proposal.