Brussels, 10/06/2009 (Agence Europe) - In conclusions it adopted on Tuesday 9 June, the European Finance Ministers welcomed the intentions of the European Commission to launch a cross-cutting legislative initiative regarding the handling of information on retail financial products and sales practices relating to these products (see EUROPE 9893 and 9891). They call on the European institution to continue its work in this field in order to help restore consumer confidence.
The ECOFIN Council also welcomed the external study on credit intermediaries carried out by British consultancy company Europe Economics on behalf of the Commission, which highlights the variety of rules to which credit intermediaries are subject in each Member State and for each type of product. It invites the Commission to consider whether the distribution of other alternative retail investment products and credit instruments available to consumers, such as consumer credit and mortgages, should be the subject of appropriate new regulatory measures in order to protect consumers and to help combat any shortcomings in the market. (M.B./trans.fl)