Commission Decision of 20 July 2010 setting up a Financial Services User Group

A Financial Services User Group, hereinafter referred to as ‘the group’, is hereby set up.

1 The group’s tasks shall be: (a) to advise the Commission in the context of the preparation of legislative acts or other policy initiatives affecting users of financial services, including consumers, retail investors and micro-enterprises; (b) to provide insight, opinion and advice concerning the practical implementation of such policies; (c) to proactively seek to identify key financial services issues which affect users of financial services; (d) where appropriate, and in agreement with the Commission, to liaise with and provide information to financial services user representatives and representative bodies at the European Union and national level, as well as to other consultative groups administered by the Commission, such as the European Consumer Consultative Group, the Payment Systems Market Expert Group, the European Securities Markets Expert Group and the Expert Group on Financial Education.

2 The issues on which the group’s opinion may be sought will encompass the full range of financial services policy areas including, but not limited to, retail banking, consumer and mortgage credit, payment means and systems, life and non-life insurance, pensions, retail investment products, securities markets and financial supervision.

1 The group shall be composed of 20 members, of which at least 11 shall represent the interests of consumers and retail investors as specified in paragraph 2(a) and (b) of this Article.

2 The Commission shall appoint the members of the group following a call for expressions of interest. Members shall be: (a) individuals appointed to represent the interests of consumers; or (b) individuals appointed to represent the interests of retail investors; or (c) individuals appointed to represent the interests of micro-enterprises, as defined in Commission Recommendation 2003/361/EC , but excluding enterprises whose main business activity is the provision of financial services; or (d) individual experts with expertise in financial services from the perspective of the financial services user, excluding individuals currently employed by or acting on behalf of the financial services industry.

3 Members selected on the basis of paragraph 2(d) of this Article shall be appointed in a personal capacity.

4 The term of office of the members of the group shall be three years. The term may be renewed twice.

5 Members who are no longer capable of contributing effectively to the group’s deliberations, who resign or who do not comply with the conditions set out in paragraphs 2 and 3 of this Article or Article 339 of the Treaty may be removed or replaced for the remainder of their term of office.

6 Members appointed in a personal capacity shall each year sign an undertaking to act in the public interest and a declaration indicating the absence or existence of any interest which may undermine their objectivity.

7 The names of the members shall be published in the Register of Expert Groups of the Commission and on the relevant Commission websites.

8 The names of members shall be collected, processed and published in accordance with Regulation (EC) No 45/2001.

1 The group shall elect a chairperson and a vice-chairperson from amongst the members by a simple majority. Both chairperson and vice-chairperson shall be renewed each year. They can both be reappointed.

2 In agreement with the Commission, subgroups may be set up to examine specific issues under the terms of reference of the group. Such subgroups shall be dissolved as soon as their mandates are fulfilled.

3 In agreement with the Commission, the group may invite experts with specific knowledge to participate in the work of the group and of the subgroups.

4 Members of the group and their representatives, as well as invited experts shall comply with the obligations of professional secrecy laid down by the Treaties and their implementing rules, as well as with the Commission’s rules on security regarding the protection of EU classified information, laid down in the Annex to Decision 2001/844/EC, ECSC, Euratom. Should they fail to respect these obligations, the Commission may take all appropriate measures.

5 The group shall meet approximately eight times a year, normally on Commission premises in Brussels, in the form and according to the timetable determined by the Commission. Upon request of the members, one meeting per year may be held in another Member State.

6 The Commission shall provide secretarial services for the group. Commission officials may attend meetings of the group and its subgroups.

7 The group shall adopt its rules of procedure on the basis of the standard rules of procedure for expert groups.

8 The Commission may publish on the Internet, in the original language of the document, any written output of the group.

1 The members of the group shall be remunerated with an annual fee of EUR 10000 for their services. The level of the fee will be reviewed after three years.

2 Expenses shall be reimbursed within the limits of the annual budget allocated to the group by the responsible Commission services.

3 The Commission shall reimburse travel and, where appropriate, subsistence expenses for members in connection with the group’s activities in accordance with the provisions in force at the Commission. Where possible, Commission services may reimburse travel and, where appropriate, subsistence expenses of experts invited on an ad hoc basis, provided that the prior approval of the Commission services has been obtained, and in line with the Commission’s rules on the compensation of external experts.

4 Where appropriate, the group may ask for external research to be carried out to enable it to fulfil its tasks. If the Commission considers such request(s) justified, it may decide to make available for this purpose a portion of its annual research budget up to a maximum of EUR 150000. This budget shall be managed by the Commission in full compliance with its relevant rules and procedures.