Commission wants you to share financial issues online

Fed up of expensive mortgages, high credit card fees, or problems switching insurance?

Tell the EU about it through social media, by video showing some of your worst experiences or simply by emailing them.

The European Commission is designing new rules to allow consumers to shop for the best-value mortgages across the EU, to cut their credit card costs, and to buy insurance at the right price.

But first, over the next three months, the commission wants people to send their wishlists and ideas on how to achieve financial services without borders.

It wants concrete examples of the kind of barriers that consumers face when they find a product to suit their needs in another EU country but are unable to access it.

Jonathan Hill, the commissioner responsible for financial services, said: “People often miss out on the best deals or pay over the odds because of the barriers that exist in the European market. The single market can help.

“I hope citizens and businesses will respond to this consultation to share their experiences and suggest how we can best tackle these barriers.”

Dublin MEP Brian Hayes said this move should be of particular interest to Irish consumers who are facing rip-off prices for new mortgages when they could be getting them at half the cost in another eurozone country.

“If we are part of the EU internal market, why shouldn’t Irish customers be able to get a mortgage from a German or French bank where they are available, long-term fixed, at less than 3%,” he asked.

Mr Hayes pointed out that only 3% of those getting mortgages, credit cards, or insurance have got them from another member state.

“This is an embarrassing statistic for our internal market,” he said.

Other areas targeted are high fees and poor exchange rates when changing currency or using a credit card abroad; hidden or extra costs, such as insurance when renting a car, that are not obvious when booking; and making it easier to switch provider.

People can post videos setting out the problems they face accessing financial services across Europe by using the hashtag #MyMoneyEU.

More details: ec.europa.eu/finance/finservices-retail/ mymoneyeu/index_en.htm