Celebrating the World Consumer Rights Day on 15 March, the global federation of consumer groups Consumers International has decided to focus this year's campaign in calling for fairer financial services. The European Commission, which fully supports this objective, is acting on all fronts to give EU consumers a fairer deal in financial services.

World Consumers Day, which is celebrated every year on 15 March to mark the historic address made by US President John F. Kennedy setting out a vision of consumer rights and recognising the importance of consumers as a group, was dedicated in 2011 to raise attention regarding the need for fairer financial services.

This objective has gained an ever higher relevance in view of the events which led the present economic situation. Has pointed out by Commissioner for Health and Consumers, John Dalli, over the last few year “millions of consumers failed to get information and advice which they could understand in relation to their investments. As a result, many made poor investment choices and lost large parts of their savings”.

For that reason, the European Commission has been working over the past months in order to ensure that financial markets and the services provided are fairer for consumers. This includes for instance more understandable current bank accounts contracts for consumers, with clear information showing all the fees and charges. Achieving a competitive and fair market of financial services with transparent and comparable costs for consumers is one of the main objectives set by the European Commission which will contribute to restore consumers' confidence in the market.

Summing up some of the achievements made by the Commission over the last 12 months putting in place the package to boost consumer protection and restore confidence in financial markets, Internal Market Commissioner Michel Barnier highlighted the new European supervisory authorities for banks which has already been set up, as well as the work made by insurers and markets to safeguard consumers from high-risk or toxic financial products. New rules for hedge funds and other alternative investors have also been adopted to make sure that they handle assets on behalf of pension funds and other investors in all transparency and responsibility. Also, new rules will apply from 1 July that will give investors the information they need to make the right investment decisions for them.

Further to these actions, the European Commission will shortly table robust rules for consumer protection when buying mortgages and introduce new laws establishing a universal right to a basic bank account as well as measures to curtail risky investment products for consumers. Meanwhile, Commissioner Barnier said, Commission's efforts to make financial markets more transparent and responsible will continue: “from the stock exchange floor to the board room”.