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.
The OECD Competition Committee discussed the Role of competition in financial consumer protection in February 2014 with the aim to feed into the survey initiated by the G20/OECD Task Force on Financial consumer protection, which is developing a set of principles, one of which concerns competition.
The discussion, based on the contributions of 15 countries, covered the set of issues which are covered in the G20/OECD Task Force survey, focusing on the importance of switching costs. The issue of structural separation in banks from a competition perspective was also discussed.
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