Do users of financial services get the best value for their money and the best products for their needs? How can users effectively ensure their rights are respected? These are some of the key questions the members of the European Commission’s Financial Services Users Group will be tackling. 

Advisory expert group

It is not easy for consumers and retail investors to get their voice heard in the EU policy-making processes on financial services. For this reason, the European Commission decided in 2010 to create an advisory expert group, called the Financial Services Users Groups, or FSUG. Members of this group were selected following public calls for applications in 2010 and 2013.

A new call for applications has just been published to find 20 people with expert knowledge in retail financial services from a wide and balanced range of EU Member States and backgrounds – consumer protection, retail investment, microenterprises or trade unions. Applications from experts who are not associated with a particular interest, e.g. from academia, are also being strongly encouraged. However, members of the group cannot be currently employed by, or acting on behalf of, the financial services industry.

Technical topics

The Commission is interested in finding members with knowledge of national markets. The expertise of pan-European users' organisations would also be of benefit. Members would need a sound knowledge of the retail financial sector and its regulation, enabling the group to work on sometimes highly technical topics.

The group will in particular be consulted on the Capital Markets Union and the review of the distribution models for retail investment products. The group will also advise the Commission on the implementation of the forthcoming Retail Financial Services action plan, which needs to address key questions on how to increase consumer trust and empower consumers and reduce legal and regulatory obstacles affecting businesses. The action plan also aims to support the development of an innovative digital world, which is having an impact on payment and banking services, credit and mortgages or motor insurance.

To apply: applications can be sent by email, post or delivered personally. Please see the full text of the call for all details

Read more on the FSUG