Activities of Phil PRENDERGAST related to 2012/2037(INI)
Plenary speeches (1)
Implementation of the Consumer Credit Directive (short presentation)
Shadow reports (1)
REPORT on the implementation of the Consumer Credit Directive 2008/48/EC PDF (162 KB) DOC (102 KB)
Amendments (18)
Amendment 1 #
Motion for a resolution
Recital A
Recital A
A. whereas opening up national markets in the important economicaddressing distortions of competition between market operators as well as disparate levels of consumer protection in the sector of consumer credit, promoting competition andthus improving the functioning of the internal market, are political tasks incumbent on the EU and are in the interests of consumers and creditors;
Amendment 4 #
Motion for a resolution
Recital E
Recital E
E. Whereas statistics show that, since the directive entered into force, take-up of cross-border consumer credit has not increased, although one reason for this could be thes an integrated consumer credit market would require conditions and meassive problems affecting the financial sectorures beyond the scope of the Consumer Credit Directive;
Amendment 5 #
Motion for a resolution
Recital E a (new)
Recital E a (new)
Ea. whereas inadequate consumer protection practices in the credit sector played a significant role in the financial crisis; whereas exchange rate volatility poses significant risks to consumers, especially during financial crises;
Amendment 7 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Points out that improving the cross- border consumer credit market wcould generate European added value by boosting the internal marketcontribute to consolidating the internal market in tandem with integration measures that offset the risks incurred by consumers due to interest and exchange rate fluctuations;
Amendment 8 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Takes the view that the provisions on pre-contractual information, the explanations required pursuant to Article 5(6) and the creditworthiness assessment provided for in Article 8 are sufficient to offsetimportant to improve consumer awareness of the risks involved in taking out a loan in a foreign currency, together with specific information regarding such forms of credit;
Amendment 10 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Points out that countering systemic risks in the financial sector can be countered by means of supervisory measures, so that the Consumer Credit Directive does not need to be amended to deal with that issurequires legal, policy and supervisory measures which go beyond the specific scope of the Consumer Credit Directive;
Amendment 13 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Emphasises that legal provisions should reflect standard practice and the needs of the average consumer and the average businessman, and should not represent a response to a small number of abuses of the rules in such a way as to render the information provided to the consumer less understandable, transparent and comparable;
Amendment 15 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Notes that more comprehensive provisions do not always make for more effective consumer protection and that, in the case of inexperienced consumers in particular, too much information can serve to confuse rather than help; acknowledges, in that regard, the expertise, assistance and financial education provided by consumer associations and their potential role in credit restructuring on behalf of households in distress;
Amendment 16 #
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Takes the view that guarantors should be fully informed of the implications and responsibilities entailed by their role as well as be subject to a creditworthiness assessment by the credit provider;
Amendment 17 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Considers that more detailed consideration should be given to the problems which could arise in connection with the exercise of the right of withdrawal in cases where linked agreements have been concluded; calls for clarification on what costs should be due by the consumer arising from the exercise of the right of withdrawal when the supplier or service provider directly receives the corresponding amount from the creditor, particularly as regards ancillary contracts;
Amendment 18 #
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Calls on the Commission to assess the extent of non-compliance with information duties in contracts where intermediaries are not bound by pre- contractual information requirements in order to establish how best to protect consumers in such situations;
Amendment 20 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Takes the view that particular attention should be paid to the complicated rules on early repayment, as these have a significant role in ensuring credit market competition and widening consumer choice;
Amendment 21 #
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. States that, prior to interest rate changes, notification to consumers should afford them enough time to survey the market and change credit provider before the changes take effect;
Amendment 22 #
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Considers that the parameters and rules applying to consumer creditworthiness assessments should emulate, as closely as possible, those applicable to credit agreements relating to residential property;
Amendment 24 #
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Calls on Member States to ensure that national supervisors are granted all the necessary powers and resources to discharge their duties; further calls for national supervisory authorities to effectively monitor compliance with, and enforce, the provisions of the directive;
Amendment 26 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Urges the Commission to check howstudy the possibility of extending the existing level of consumer protection can be maintained in connection with SMS loans, which are becoming an increasingly common feature of the consumer credit marketto credit, including short-term credit, provided over the internet, through short message services or other distance communication media, which are becoming an increasingly common feature of the consumer credit market, involving amounts below the lower threshold of 200€, presently outside the scope of the directive;
Amendment 28 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Emphasises that, at present there is no need to revise the directive, but that instead, priority should be given to ensuring that ithe directive is correctly transposed;
Amendment 29 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Takes the view that, once the directive has beenfurther to a fully and correctly transposed and applied, its practical impact should firstition, the practical impact of the directive should be assessed before the Commission reports to Parliament on what, if any, amendments are requiredany required amendments;