In its White Paper on Financial Services Policy 2005-2010, the Commission stated that it attaches great importance to ensuring proportionate user representation in the policy making. In the Communication for the European Council – Driving European Recovery, the Commission put the interests of European investors, consumers and SMEs at the centre of the financial market reform.
As a measure to achieve these targets, the Commission set up a Financial Services User Group (FSUG). The group’s task is to:
- advise the Commission in the preparation of legislation or policy initiatives which affect the users of financial services
- provide insight, opinion and advice concerning the practical implementation of such policies
- proactively seek to identify key financial services issues which affect users of financial services
- liaise with and provide information to financial services user representatives and representative bodies at the European Union and national level.
FSUG has 20 members, who are individuals appointed to represent the interests of consumers, retail investors or micro-enterprises, and individual experts with expertise in financial services from the perspective of the financial services user.
FSUG meets 8 times a year in Brussels and its Chair is elected from amongst the group members. The Commission (jointly DG Financial Stability, Financial Services and Capital Markets Union and DG Health and Consumers) provide secretarial services for the group.