Talks about introducing a collective redress mechanism at EU level have been undertaken from different perspectives at the Commission. The EBF urges the EU Institutions to avoid overlapping and inconsistent legislation but rather seek the most efficient and satisfactory way to address consumers’ complaints.
National out-of-court settlement procedures in the financial sector have proved efficient and cost-effective, and are perceived as a flexible tool which meets consumers needs. The benefits of national schemes have been increased by the introduction of FIN-NET (see below). The EBF is supportive of FIN-NET and is committed to strengthen the coverage of the system and awareness of consumers.
FIN-NET – a financial dispute resolution network of national out-of-court complaint schemes, responsible for handling disputes between consumers and financial services providers, and providing easy access for consumers in cross-border cases.