Brexit will have ‘unfortunate consequences’ for all consumers in the retail financial sector both in the UK and rest of Europe. Despite safeguards by EU and UK in the withdrawal agreement, many consumers would remain unprotected following the UK’s departure. This was one of the key conclusions of a recent workshop with business and consumer representatives hosted by the European Retail Financial Forum (ERFF) with the participation of the European Commission’s Task Force 50. Specific issues raised which could negatively impact consumers included contract continuity, passporting rights and impact on investments and pensions. ERFF, which is managed by Passerelle, will launch an initiative for 2019 on the ‘Consumer Journey in Financial Services’, including a paper and a series of workshops mapping key financial decisions consumers make during a lifetime and the adequacy of corresponding EU policy and legislation.
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