Financial Services

The EFTA Working Group on Financial Services is responsible for the legislation contained in Annex IX (Financial Services) of the EEA Agreement.

It ensures that all EEA relevant EU legislation in the field of banking, insurance and securities is incorporated into the EEA Agreement in a correct and timely manner and also closely monitors the preparatory work of the European Commission on new legislative initiatives within the sector. The Working Group meets three times a year.

Completing the single market in financial services is a crucial part of the European Commission's overriding objective of achieving more and better jobs in a more dynamic, innovative and attractive Europe. The Financial Services Action Plan 1999-2005 (FSAP) laid the foundations for a strong financial market in the EU and brought about an improved performance of the financial industry. The Commission continued its efforts and outlined its objectives until 2010 in its White Paper on Financial Services 2005-2010, with the aim of building on the FSAP to achieve an integrated, open, inclusive, competitive, and economically efficient EU financial market.

Current EU initiatives in the field of financial services mainly concern: Cross-sectoral measures, crisis management, banking, insurance, retail financial services, mortgage credit, consumer credit, credit intermediaries, bank accounts, financial education, payments, securities, code of conduct, investment funds, and harmonised and non-harmonised funds. An economic benefit with huge potential is expected to be achieved from further integration of the financial markets.

See also: Single Market - Financial Services