FSA chairman Sir Howard Davies has called for stricter European enforcement measures to enable a successful EU single financial services market.
In a speech outlining his views on an integrated single European financial market, Davies said he hoped the EU would offer more choice to consumers.
However he warned that additional requirements are being imposed at local level in addition to EU regulation, which has the effect of negating European-wide agreements.
He said: "Yet, at present, those additional protectionist impositions are allowed to remain, and the enforcement effort seems weak."
Davies also called for the birth of "significant European-wide financial institutions". He pointed out that in some countries it is impossible to buy a financial operation.
He warned: "These informal barriers, sometimes imposed by prudential regulators, are too little discussed."
