2014 edition of the Market Monitoring Survey Findings on financial services

1. 2014 edition of the Market Monitoring SurveyFindings on financial services ECCG meeting 12 March 2014 Luca Protti, Consumer Markets Unit, SANCO

2. 10th Consumer Markets Scoreboard • 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

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

4. Market performance index: up slightly in 2013

5. Services markets – EU 27

6. Services market clusters - 2.8 - 2.1

7. Evolution since 2011

8. Country differences in market assessment

10. Regional differences in market assessment

11. Socio-demographic differences in market assessment – Banking services

12. Socio-demographic differences in market assessment – Insurance services

13. Services markets clusters - Component analysis

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

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

16. PROBLEMS: "Within the past <x>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?”

17. 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.

18. 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 <the past period>?"

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

20. SWITCHING: "For <services>, have you switched <tariff plan> or <supplier> in <the past period>?" 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%).

21. EASE OF SWITCHING: "On a scale from 0 to 10, how difficult or easy <do you think it was/was it> to switch <the past period>?" Consumers who have actually switched their supplier perceive switching as easier, especially in the market for mortgages and the three insurance markets.

22. Scoreboard and the European Semester • Commission Annual report on the integration of the Single Market • Part of 2014 AnnualGrowth Survey • Key areas: services, transport, energysector, digital economy. • Recognisespoorfunctioning of financial services for consumers • Shouldbetakenintoaccount in National Reform Programmes and feedinto Country specifcRecommendations Scoreboard data and analysis are an important contribution to this process

23. Thank you for your attention!