Select Committee on European Union Forty-Fifth Report

Appendix 2 Call for Evidence

Sub-Committee B (Energy, Industry & Transport) of the House of Lords Select Committee on the European Union is undertaking an inquiry into the European Commission's Financial Services Action Plan.

On 11 May 1999, the Commission adopted an Action Plan which outlined a series of policy objectives and specific measures to improve the single market for Financial Services. The Financial Services Action Plan is to be implemented by 2005.

The Financial Services Action Plan outlined four strategic objectives:

  • a genuine single market for wholesale financial services;
  • open and secure retail markets;
  • clear, efficient, prudential rules and supervision of financial services; and
  • wider conditions for an optimal, single financial market

Evidence is invited on the following issues:


  • What progress has been made to date? Has this been beneficial or deleterious to UK interests? Has sufficient weight been given to the position and experience of UK financial services industry?
  • What are the main outstanding matters that remain to be dealt with under the FSAP and what key issues will need to be resolved?


The success of setting up a single market in financial services will depend to a considerable degree on the way in which the regulatory Framework is implemented and enforced.

  • How successful do you expect the Lamfalussy process to be? Are any changes needed?
  • Who will be responsible for ensuring effective implementation and enforcement of the single market, after the regulatory Framework is in place? How successful do you expect this process to be? What will be the role of competition regulators at EU and Member State level?
  • What issues will arise as the single market framework is implemented and enforced?
  • What non-regulatory barriers might impede the effective functioning of a single market for financial services?


  • How do witnesses see the future development of a single market in financial services following implementation of the FSAP? Are additional measures needed?
  • Will the changes resulting from the FSAP proposals have an impact on the competitive position of London and EU markets as a whole in the global environment?

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