Integrated Retail Financial Services market by 2010 |
In the Financial Services Industry one of the European Community’s set objectives is to establish an integrated retail financial services market by the year 2010. In this respect, under the framework of the Lamfalussy structure a number of new directives will transform the industry and eliminate differences in local legislation. In this initiative, early birds such as MiFID or SEPA are already under implementation, while Solvency II is coming up on the agenda of insurance companies. New directives until 2010 will require commercial banks to implement serious changes in the areas of consumer credit or mortgage loans among others.