Local view for "http://purl.org/linkedpolitics/eu/plenary/2016-11-21-Speech-1-091-000"

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"Mr President, enhanced international competition in consumer markets certainly has the potential to give customers a better deal for insurance, banking, savings, investments and much else besides. In some product markets, benefits from competition are fairly straightforward to attain, but in retail financial services there are clearly complexities to be overcome in order to boost international competition. Many products rely on putative income streams or pay—outs far into the future, while charging regimes can be opaque, and let us not forget we are dealing with high value items designed to make a big difference to a person’s standard of life. This is not a pair of socks or a new pencil sharpener. The potential complexity of pursuing cross—border redress is one factor that has led thus far to pragmatic consumers tending to stick with suppliers from their own country of origin or residence. But, given the potentially large gains to consumers of being able to access the best advice and widest choice of products from across the world, Europe’s countries would do well to keep working at bringing down barriers in this field. As a world leader in retail financial services, the United Kingdom has much to offer the savers, investors and future pensioners of Europe. Any bid by the EU to use Brexit as a pretext for closing down consumer choice would leave Europe’s citizens facing a less prosperous and less secure future. Governments would be failing in their duty were they to allow this to happen."@en1

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