EU Consumer Credit Regulation and Consumer Protection in Financial Services

The objective of this ECRI seminar was to refocus the debate on consumer protection in financial services, with special attention to the foreseen revision of the Consumer credit Directive.

In a debate on what is the appropriate consumer protection regulation required in the European financial area, two notions of the consumer interest need to be taken into account. First, the advantage of cross-border trade to improve the consumer choice and second, the national measures of consumer protection required in view of market failures, such as informational asymmetries.

The seminar treated some of the key issues in the consumer aspect of financial services with the participation of representatives from the European Commission, academics, the views of business and consumers, and the presentation of the USA views on the European Consumer credit area. Some 40 people attended the seminar and participated in the debate.