Consumers 'set to benefit from EU proposals'

Posted by Craig Williams

Consumers across the UK would benefit from an increased level of protection from a repeat of the global economic downturn if new proposals by the European Commission (EC) were to be implemented into law.

That is the view of Angela Knight, chief executive of the British Bankers' Association (BBA), who believes that prospective EC measures aimed at raising the "supervision" of banks and building societies in Europe would be good news for customers of such institutions.

Should these plans be formulated into EU and British law, it would mean that if there was another worldwide monetary slump, financiers could "fail without detriment to the customer", added the BBA, which represents 200 banks across 60 countries.

Ms Knight commented that these measures are similar to action already taken in Britain.

"UK banks are offering a positive lead to the EU and the banking authorities on how to build on the very real lead given by the UK," she noted.
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08/03/2011 16:17

News category: Consumer

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