Tim May, the chief executive of the WMA, said: “We want to see a revised plan that respects different national characteristics of retail markets and promotes high standards of consumer protection in financial services across the EU.
“We believe our policies are sensible and provide an excellent starting point for the new parliament and commissioners to take forward over the next legislative session.”
Some of the recommendations, outlined in a five-page publication, included calling the EU to issue directives not regulations in retail financial services law, thus allowing a role for national parliaments.
The EU is also conducting a comprehensive review of retail consumer protection in EU financial services and setting a framework of principles based on best practice.
Gordon Bowden, director of Buckinghamshire-based Quainton Hills Financial Planning, said: “It would make perfect sense for retail customers to have the highest level of regulation protection, and it sounds like a good idea to ensure that the EU adopts the best practices of each member states to ensure the industry’s fluency.”