Nationally and internationally competitive markets should be promoted in order to provide consumers with greater choice amongst financial services. Competitive pressure is needed to encourage providers to offer competitive products, enhance innovation, and maintain high service quality.
Consumers should be able to search, compare and, where appropriate, switch between products and providers easily and at reasonable and disclosed costs.
The OECD Competition Committee discussed the Role of competition in financial consumer protection in February 2014.
Some of the key questions that participants were invited to address are:
- How is the responsibility divided between the competition authorities and financial regulators for promoting competition across financial services markets?
- How can the beneficial impact of interventions be ensured so as to promote competition?
- What mechanisms are in place to help consumers compare, choose or switch between financial products?
OTHER MEETINGS HELD IN FEBRUARY 2014
Global Forum on Competition
Competition Issues in the Financial Sector (2011)
Competition and Financial Markets (2009)
All Competition Policy Roundtables
Competition Home Page
More on Financial Consumer Protection at the Financial Affairs Website