2014 edition of the Market Monitoring Survey Findings on financial services ECCG meeting 12 March 2014 Luca Protti, Consumer Markets Unit, SANCO

It will be published in May 2014 Main sources of information Market MONITORING SURVEY: 52 consumer markets (of which 31 services) in EU28 + IS/NO: around 60% of consumption expenditure Consumers with recent purchasing experience in the market – not general population Questions: comparability, trust, satisfaction, problems & complaints, choice and switching Comparisons with 2010, 2011, 2012 Improved methodology. Other data: PRICES: variability of prices across EU countries and link with spending power COMPLAINTS collected by Member States 10th Consumer Markets Scoreboard

Consumer market monitoring survey MPI (Market Performance Indicator) = average (1, 2, 3, 4) 4. Live up to what you wanted 5. Choice 2. Trust 1. Comparability 3. Problems & complaints MPIC (Market Performance Indicator including Choice) = average (1, 2, 3, 4, 5) MPIS (Market Performance Indicator including Switching) = average (1, 2, 3, 4,6) 6. Switching

Market performance index: up slightly in 2013

Services markets – EU 27

Services market clusters

Evolution since 2011

Country differences in market assessment

Regional differences in market assessment

Socio-demographic differences in market assessment – Banking services

Socio-demographic differences in market assessment – Insurance services

Services markets clusters - Component analysis

COMPARABILITY: “On a scale from 0 to 10, how difficult or easy was it to compare services in a specific market?”

TRUST: "On a scale from 0 to 10, to what extent do you trust suppliers to respect the rules and regulations protecting consumers?"

PROBLEMS: "Within the past year(s), did you experience any problem with the services you paid for, either with the service or the provider, where you thought you had a legitimate cause for complaint?”

COMPLAINTS: "Have you complained about any of these problems?" Consumers most likely to complain to service provider and, secondly, to family and friends. Complaints to third parties remain rare.

OVERALL SATISFACTION: "On a scale from 0 to 10, to what extent did the services on offer from different suppliers live up to what you wanted within ?"

CHOICE: "On a scale from 0 to 10, would you say there are enough different suppliers of the services you can choose from?"

SWITCHING: "For, have you switched or in ?" Across the 14 markets, 14% of consumers have switched. In general, consumers are more likely to switch provider (9%) than the service with the same provider (5%).

EASE OF SWITCHING: "On a scale from 0 to 10, how difficult or easy to switch ?" Consumers who have actually switched their supplier perceive switching as easier, especially in the market for mortgages and the three insurance markets.

Scoreboard and the European Semester Commission Annual report on the integration of the Single Market Part of 2014 Annual Growth Survey Key areas: services, transport, energy sector, digital economy. Recognises poor functioning of financial services for consumers Should be taken into account in National Reform Programmes and feed into Country specifc Recommendations Scoreboard data and analysis are an important contribution to this process

Thank you for your attention!