Banks support EU mobility plans

by Brian Turner

Story link: Banks support EU mobility plans

UK banks across the high street have voiced their support in principle for banking mobility across EU member states.

The proposals being considered in Brussels involves determining how easily EU citizens should be able to transfer bank accounts to other member states.

According to the British Banks Association (BBA), support for a process of “mobility, not portability” would be welcome.

However, a point was made that Britain’s banking culture at least could be significantly different to other member states.

For example, although the Office of Fair Trading is currently investigating revenue generation by UK banks, British savers traditionally enjoy free banking while in credit, something not common throughout Europe.

Even still, BBA chief executive Angela Knight suggested that any changes that cut red tape and allow safe and effective movement of bank accounts should be encouraged.