Public consultation on FinTech: a more competitive and innovative European financial sector

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As an Action Plan aiming to set out ways to provide European consumers with greater choice and better access to financial services across the EU, the European Commission Invites all citizens from the 23rd of March to the 15th of June 2017 to contribute to a public consultation on Fintech.

ECN is welcoming this Public Consultation on FinTech by the European Commission and we highly encourage our members and stakeholders to participate actively.

This consultation seeks input of stakeholders‘ perspectives on new technologies’ impact on the European financial services sector, both from the perspective of providers of financial services and consumers, and whether the regulatory and supervisory framework fosters technological innovation in line with its three core principles of technologic neutrality, proportionality and integrity.It aims to further develop the Commission’s policy approach towards technological innovation in financial services. The feedback will help the Commission to gauge how FinTech can make the EU Single Market for financial services more competitive, inclusive and efficient. 

Valdis Dombrovskis, Vice-President responsible for Financial Stability, Financial Services and Capital Markets Union, said: “European consumers and firms should be able to take full advantage of a true Single Market for financial services. Consumers should have access to the best products available across the EU, not just within their own country. At the same time, we want to explore the full potential of the technology that’s out there. If harnessed well, it has the potential to change for the better the financial industry and the way people access financial services.”

Read more about the Consultation

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