2008/365/EC: Commission Decision of 30 April 2008 setting up a group of experts on financial education
Date: 2008-04-30
Institutions: European Commission
Subjects: consultancy, consumer information, consumer protection, education, financial market, provision of services, self-employed person

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Official Journal of the European Union

9.5.2008

COMMISSION DECISION

of 30 April 2008

setting up a group of experts on financial education

(2008/365/EC)

THE COMMISSION OF THE EUROPEAN COMMUNITIES,

(6)

Having regard to the Treaty
Community,

establishing the European

Whereas:

(1)

(2)

(3)

(4)

(5)

as one of

the Treaty establishing the European
Article 3 of
Community lists,
the
the
Community, an internal market characterised by the
abolition, as between Member States, of obstacles to
the free movement of goods, persons,
services and
capital.

activities of

the Treaty establishing the European
Article 95 of
in its proposals
Community requires the Commission,
on the establishment and functioning of
the internal
market concerning consumer protection, to take as a
base a high level of protection, taking account of any
new development based on scientific facts.

Article 149 of
the Treaty establishing the European
Community requires the Community to contribute to
the development of quality education by encouraging
cooperation between Member States and,
if necessary,
by supporting and supplementing their action, while
fully respecting the responsibility of the Member States
for the content of
teaching and the organisation of
education systems and their cultural and linguistic
diversity.

the Treaty establishing the European
Article 153 of
Community requires the Community to promote the
interests of consumers and to ensure a high level of
consumer protection by contributing to protecting the
health, safety and economic interests of consumers, as
to information,
to promoting their
well
education and to organise themselves
to
in order
safeguard their interests.

right

as

Financial education is essential to ensure that the Single
Market can bring direct benefits to Europe’s citizens by
empowering them to make informed decisions on
purchasing financial services and to understand essential
recognised in the
basics of personal
Commission communication A Single Market
for 21st
Century Europe (1).

finance,

as

(1) COM(2007) 724 and the accompanying Staff Working Paper
‘Initiatives in the Area of Retail Financial Services’, SEC(2007) 1520.

The importance of
financial education has also been
acknowledged in the White Paper Financial Services
Policy 2005-2010 (2),
the Green Paper Retail Financial
Services (3),
the Ecofin Council Conclusions of 8 May
2007 (4) and the European Parliament Resolution on
financial services policy (5).

The Commission issued a
communication Financial
Education (6), which among other initiatives announced
the setting-up of a group of experts with practical
experience in financial education matters.

The expert group must contribute to sharing and
promoting best practice on financial education and
must support the Commission in its actions in the area
of financial education.

The expert group must be made up of individuals having
competence and expertise in the area of
financial
education, representing a broad range of public and
private stakeholders.

(7)

(8)

(9)

(10)

The Expert Group on Financial Education therefore needs
to be set up and its terms of reference and structures
detailed,

DECIDED AS FOLLOWS:

Article 1

The Expert Group on Financial Education, hereinafter referred to
as ‘the group’, is hereby set up.

Article 2

Tasks

The group’s tasks shall be to:

— share and promote best practice on financial education;

(2) COM(2005) 629 final.
(3) COM(2007) 226.
(4) 9171/07 (Presse 97).
(5) P6_TA-PROV(2007)0338/A6-0248/2007.
(6) COM(2007) 808.

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— advise the Commission on how the principles for

the
provision of high-quality financial
education schemes,
contained in the Commission communication Financial
Education, are being implemented;

— assist the Commission in identifying any legal, regulatory,
to the provision of

administrative and other obstacles
financial education;

the Treaty establishing the European Community may be
replaced for the remaining period of their mandate.

— Members appointed in a personal capacity sign an under-
taking each year
in the public interest and a
declaration stating whether or not they have any interest
which may undermine their objectivity.

to act

— advise the Commission on how the obstacles identified

should be addressed;

— contribute to preparation of the various initiatives presented
in the communication on financial education, and to an
evaluation of those initiatives planned for 2010.

— The names of the members will be published in the public
register of expert groups and on the Internet site of the
Directorate-General
for the Internal Market and Services.
The names of members will be collected, processed and
published in accordance with Regulation (EC) No 45/2001
on the protection of
individuals with regard to the
processing of personal data.

The Commission may consult the group on any matter relating
to financial education.

Article 4

Operation

Article 3
Composition — Appointment

Upon adopting this Decision,

1.
the Commission shall
publish a call for applications from Member State authorities,
academic institutions,
financial services providers, consumer
organisations and other groups where appropriate which wish
to propose candidates for membership of the group. Appli-
cations from individuals shall also be admitted.

The members of the group shall be appointed by the
2.
Commission from specialists with competence and experience
in the area of
financial education. The members shall be
appointed in a personal capacity and shall be required to
advise the Commission independently of any outside influence.

Applicants deemed suitable for membership but not
list, which the

3.
appointed may be placed on a reserve
Commission may use to appoint replacements.

4.

The group shall have a maximum of 25 members.

5.

The following provisions shall apply:

— Members of

the group are appointed for a three-year
renewable period. They remain in the office until such
time as they are replaced or their term of office ends.
Their term of office starts with the first meeting of the
group.

— Members who are no longer able to contribute effectively to
the group’s deliberations, who resign or who do not respect
the conditions set out in this paragraph or in Article 287 of

1.

The group shall be chaired by the Commission.

In agreement with the Commission, sub-groups may be
2.
set up to examine specific questions under terms of reference
decided by the group. Such sub-groups shall be disbanded as
soon as their remits have been fulfilled.

3.
Observers with specific competence on a subject on the
agenda may be invited by the Chair to participate in the group’s
or sub-group’s deliberations if this is useful and/or necessary.

Information obtained by participating in the group’s or
the

4.
sub-group’s
if
Commission states that it relates to confidential matters.

deliberations may not

divulged

be

5.
The group and its sub-groups shall normally meet on
Commission premises in accordance with the procedures and
schedule laid down by the Commission, which shall provide
secretarial
services. Other Commission officials with an
interest in the proceedings may attend meetings of the group
and its sub-groups.

The group shall adopt its rules of procedure on the basis
the
the

procedure

standard

adopted

rules

by

of

6.
of
Commission (1).

7.
The Commission may publish any summary, conclusion,
partial conclusion or working document of the group on the
Internet site of the Directorate-General for the Internal Market
and Services
the document
concerned.

in the original

language of

(1) Annex III to document SEC(2005) 1004.

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Article 5

Meeting expenses

Article 6

Entry into force

1.
The Commission shall reimburse travel and subsistence
expenses for members and observers in connection with the
group’s activities,
in accordance with the provisions in force
at the Commission. The members shall not be remunerated
for the services they render.

This decision shall take effect on the day of its publication in
the Official Journal of the European Union.

Done at Brussels, 30 April 2008.

2. Meeting expenses shall be reimbursed within the limits of
the appropriations allocated to the department concerned under
the annual procedure for allocating resources.

For the Commission

Charlie McCREEVY
Member of the Commission