11 Amendments of Anneliese DODDS related to 2016/2056(INI)
Amendment 22 #
Motion for a resolution
Recital B
Recital B
B. whereas the further development of the retail financial services market at EU level would not only facilitate important and fruitful cross-border activity, but would also open up greater scope for healthy competition at national level; whereas the Green Paper of the European Commission mainly focuses on financial services for citizens who are looking for cross-border services; whereas it is important that new proposals benefit EU consumers across the entire internal market to ensure that the retail financial services market works for everyone;
Amendment 25 #
Motion for a resolution
Recital C
Recital C
C. whereas - according to the consultation of the European Commission on the Green Paper on Retail Financial Service - the reasons for the low demand of consumers for retail financial services include language barriers, lack of trust due to distance selling, lack of knowledge about products available in other Member States, difficulty in accessing to information, lack of knowledge and trust in consumer redress mechanisms in other Member States, and lack of confidence in secure online payments and data protection; whereas the rapid transformation brought about by digitisation and fintech innovation not only creates new and often better financial products for consumers, but also involves key challenges in terms of security, data protection, consumer protection and taxation; whereas while many services are moving online it is important to ensure that no one is left behind and that access should also be provided through non- digital channels where necessary;
Amendment 75 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Emphasises, in particular because of low levels of consumer trust and satisfaction, that the Green Paper initiative can succeed only if it has a strong focus on creating an EU market in which well- protected consumers have access to transparent, straightforward and good- value-for-money products; acknowledges the positive value of providing customers with simple, safe and standardized products; calls on the European Commission to introduce a simple and safe financial products framework, building on the success of Directive 2014/92 on basic bank accounts;
Amendment 87 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Recalls that all initiatives based on the Green Paper should be compatible with stepping up the fight against tax fraud and tax evasion; warns that a lack of cooperation between Member States on tax matters, including on the tax treatment of financial services and on the classification and treatment of tax havens, leads to a lack of a level playing field and a distortion of competition within the single market;
Amendment 98 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Notes the increasing complexity of retail financial products; insists on the need to develop initiatives and instruments that allow consumers to identify safe and simple products within the range of products available to them; supports initiatives such as the Key Investment Information Document for undertakings for collective investments in transferrable securities (UCITS) and the Key Information Document for packaged retail and insurance-based investment products (PRIIPs); acknowledges the good and rigorously tested disclosure requirements of the Key Information Documents (KIDs) in PRIIPs and calls for the disclosure requirements of other financial products to be aligned with that;
Amendment 152 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Notes that frontline employees at financial institutions have a crucial role to play in opening up retail services to all strands of society and to consumers all over Europe; points out that such employees should, in principle, be given the training and time necessary to be able to serve their customers accurately, and should not be made subject to sales targets or inducements that could bias or distort their advice; notes that sales-target driven remuneration of staff and intermediaries can often lead to mis-selling and cross- selling;
Amendment 171 #
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. Calls on the Commission to address the issue of mis-selling of financial products and services; in particular calls on the Commission to monitor closely the implementation of new rules under MiFID II, which ban commissions for independent financial advisers and restrict their use for non- independent advisers, and on the basis of that monitoring to consider whether those restrictions might need to be tightened, or a full ban of all inducements introduced;
Amendment 178 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Emphasises that the enforcement of EU and national financial and consumer legislation needs to be strengthened and that a single market in retail financial services needs high levels of consumer protection legislation and consistent and rigorous enforcement of this across member states; stresses that the European Supervisory Authorities should step up their activities on consumer issues and that the agencies responsible in a number of Member States should start to work more actively and competently in this field; stresses the importance of national competent authorities in charge of consumer protection having enough funding and staff to carry out their mandate effectively and asks the Commission to ensure this; emphasizes that alternative dispute resolution mechanisms should be independently funded and have independent management structures;
Amendment 188 #
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Calls on the Commission to introduce a framework for the introduction of simple and safe financial products and an obligation for financial service providers to perform product suitability checks before selling a product;
Amendment 216 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Asks the Commission to investigate further the confusing and sometimes misleading practices with which consumers are faced when making card payments and ATM withdrawals involving currency conversion, and to present a coherent solution that would make it possible, including in practice, for the consumer to understand and control the situation fully; calls on the Commission to investigate if dynamic currency conversion practices (DCC) have negative consequences for the consumer without bringing any benefits and to consider banning DCC if that proves to be the case;
Amendment 271 #
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20a. Calls on the Commission to analyse what data is necessary for lenders to assess the creditworthiness of their customers and, based on this analysis, to introduce proposals for regulating this assessment process; calls on the Commission to investigate further the current practices of credit bureaux' in relation to the collection, processing and marketing of consumer data to ensure that they are adequate and not detrimental to consumers rights'; calls on the Commission to consider taking action in this area if necessary;