In 1998, the European Commission (EC) was invited to table a framework for action to develop the single European market in financial services. The resulting Financial Services Action Plan (FSAP) is a package of 42 original and five supplementary measures. it is intended to remove barriers to the single market in financial services and to provide a comprehensive legal and regulatory environment for pan-European financial services by 2005.
The FSAP is both extensive and ambitious and will affect a range of institutions, including banks, securities issuers, investment firms, companies, pension providers and insurance firms.
