Activities of Notis MARIAS related to 2016/2056(INI)
Plenary speeches (2)
Green Paper on Retail Financial Services (A8-0294/2016 - Olle Ludvigsson) EL
Green Paper on Retail Financial Services (debate) EL
Amendments (28)
Amendment 4 #
Draft opinion
Paragraph 1
Paragraph 1
1. WelUnderscomres the Commission initiative, since opportunities forrelating to digitalisation, reducing market fragmentation and empowering consumers are crucial to achieving a genuine single market for retail financial services;
Amendment 19 #
Motion for a resolution
Recital Β
Recital Β
Β. whereas the further development of the retail financial services market at EU level wcould not only facilitate important and fruitful cross-border activity, but woul and also open up greater scope for healthy competition at both national and European level;
Amendment 24 #
Draft opinion
Paragraph 2
Paragraph 2
2. Calls on the Commission to ensure that digitalisation brings better market access for businesses on an equal footing, especially for SMEs and fintechs, and greater consumer choice, acting as a catalyst in bringing down price differences of financial services within the EU;
Amendment 29 #
Draft opinion
Paragraph 3
Paragraph 3
3. Notes the increasing number of new types of service provider operating in this market; considers that this may bring significant benefits for consumers, with adequatthrough suitable regulation so as to ensure high levels of security and transparency;
Amendment 32 #
Motion for a resolution
Recital C
Recital C
C. whereas the rapid transformation brought about by digitisation and fintech innovation not only creates new and oftenccasionally better financial products for consumers, but also involves keyserious challenges in terms of security, data protection, consumer protection and taxation;
Amendment 38 #
Draft opinion
Paragraph 4
Paragraph 4
4. Is concernedDeplores the fact that consumer trust in financial services remains low, and calls on the Commission to bring forward measures forthwith to improve consumer financial literacy, to increase the transparency of these products, and to remove consumer barriers to switching;
Amendment 47 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. WelcomesExpresses its satisfaction at the Commission Green Paper on retail financial services (defined as including insurance) and the vivid and productive debate that it has generated so far;
Amendment 48 #
Draft opinion
Paragraph 5
Paragraph 5
5. ConsiderBelieves that unjustified discrimination based on residence and price differences for common retail financial products between EU Member States requires that urgent action; suggests be taken forthwith; takes the view that comparison tools play an important role in bringing down price differences;
Amendment 53 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Finds the Green Paper initiative to be timely, particularly given the need to work proactively at all stages of the policymaking process in ordersignificant, given the need to be able to track and steer developments in such an innovative and fast-changing market;
Amendment 54 #
Draft opinion
Paragraph 6
Paragraph 6
6. Stresses that portability of products is essential for a real single market in retail financial services; calls on the European Commission, therefore, to submit measures to ensure cross-border portability, harmonising the rights and obligations of businesses and consumers in the sector across the EU;
Amendment 55 #
Draft opinion
Paragraph 7
Paragraph 7
7. NotEmphasises that rising numbers of cross- border transactions are increasing demand for information on personal financial data such as solvency in private agreements, and stresses the need for common rules on such exchanges of information, in compliance with data protection rules;
Amendment 60 #
Draft opinion
Paragraph 8
Paragraph 8
8. Emphasises the importance ofvalue of the availability of alternative dispute resolution (ADR) and online dispute resolution (ODR), especially cross-border, asince efficient redress is key to the single market and consumer trust;
Amendment 62 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Underlines the importance of promoting positive developments in this market by creating and maintaining a level playing field where the rules are as technology- and business-model-neutral as is feasible; points out that such an approach is necessary, not least in order to give new and innovativeall SMEs a fair chance;
Amendment 66 #
Draft opinion
Paragraph 9
Paragraph 9
9. AsksLooks to the Commission for an immediate and effective action plan on retail financial services.
Amendment 69 #
Draft opinion
Paragraph 9 a (new)
Paragraph 9 a (new)
9α. Condemns the austerity measures and the Memoranda imposed by the Troika on Greece which had the effect of placing obstacles in the way of efforts to develop the digital economy.
Amendment 72 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Emphasises, in particular that, because of low levels of consumer trust and satisfaction, that in particular, 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 achieving a fair cost price/selling price ratio;
Amendment 81 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Recalls that all initiatives based on the Green Paper should be compatible with stepping upfully in line with the fight against tax fraud and, tax evasion and tax avoidance;
Amendment 93 #
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, on the one hand, reduce the abovementioned complexity and, on the other, 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);
Amendment 122 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Stresses, not least given that otherwise positive digitisation processes could trigger exclusionary tendencies, that the financial inclusion perspective and measures to ensure that consumers are better informed regarding financial matters should always be kept in mind, and that measures should be taken to ensure that all consumers have access to at least the most essential financial services;
Amendment 145 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Notes that frontline employees at financial institutions could, through information strategies, 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;
Amendment 158 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Emphasises that, in order for the single market in retail financial services to be efficient and dynamic, there should be no unnecessary or unfair differences between euro and non-euro Member States;
Amendment 168 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Observes that the EU-level capacity for data collection and analysis in this field will probably needs to be strengthened; notes that it will be necessary to give some of the most promising ideas in the Green Paper a broad and adequate empirical underpinning before it is possible to move on to legislative processes;
Amendment 175 #
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; 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;
Amendment 204 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Urges the Commission, inter alia on the basis of the structure of the Payment Accounts Directive (PAD) and the European Insurance and Occupational Pensions Authority’s analysis of the insurance sector, to put together a step-by-stepn action plan for building a well-organised andn easy-to-use EU comparison portal covering most or all parts of the retail financial services market;
Amendment 219 #
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 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;
Amendment 223 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Urges the Commission and the Member States, by working carefully on the implementation of the eIDAS Regulation and the new anti-money laundering legislation, inter alia, to create – as should be entirely feasible – a general environment in which robust security requirements are combined with fair and simple procedures for consumers to identify themselves in accordance with the principles of personal data protection;
Amendment 234 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Calls on the Commission, in close cooperation with the and Member States, to draw up a plan for establishing a coordinated network of national ‘one-stop shops’ that would assist retail financial firms wishing to make better use of cross- border business opportunities;
Amendment 267 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Encourages the Commission, while ensuring financial stability, to move forward in creating a stronger single market for mortgages and consumer credit, but to do so carefully, balancing privacy and data protection concerns with improved cross-border access to better- coordinated credit databases and, making sure that credit-related incidents whereby consumers have been unreasonably exposed to currency exchange risks are not repeated;