The European Commission has published its proposal for a Directive intended to improve the transparency and accessibility of bank accounts within the European Union. The proposed directive specifically addresses three key regulatory issues, including simplification of the procedure for switching between banking institutions, facilitating comparisons of bank account fees and improving access to payment accounts across EU countries.

The reforms are intended to improve the transparency of account information and simplify the comparability of fees in order to provide retail consumers with better offers and lower banking costs. At the same time, the financial services industry is likely to benefit from increased mobility of clients, with reduced barriers to entry, including across national borders.