The European Commissioner for financial services made the comments in a speech at the Euromoney Capital Markets Union Forum in Brussels last week. Lord Hill told the forum what action he was planning to take to push forward with his plans for a Capital Markets Union, which would encourage European investors to put their money into the market.
He said: “Retail investors need to be at the heart of the CMU, and I think most people would agree that there is more to be done to bring down barriers in the area of retail financial services.
“I want us to look at financial services from the perspective of the consumer – how we can give them some more tangible benefits from the single market.
“We need a system built on transparency, competition and choice; one that makes full use of digital technology. I hope the Green Paper will give new life to that debate.”
Lord Hill also told the forum that he would bring forward measures to support venture capital, and that he is exploring ways to promote it through a fund-of-funds.
The commission has said it wants the building blocks of CMU in place by 2019.
Martin Dodd, a financial adviser with Wolverhampton-based Midlands Investment Agency, said: “I do think more people should be investing, but you have got to ensure that anyone who does move out of a deposit account is more educated about what they are letting themselves in for.”