Activities of Jasenko SELIMOVIC related to 2017/2066(INI)
Plenary speeches (1)
Action plan on retail financial services (A8-0326/2017 - Olle Ludvigsson)
Shadow opinions (1)
OPINION on Action Plan on Retail Financial Services
Amendments (12)
Amendment 3 #
Draft opinion
Paragraph 1
Paragraph 1
1. Welcomes the Consumer Financial Services Action Plan and its focus on many of the key issues and initiatives raised in Parliament’s report on the Green Paper on Retail Financial Services and the opinion of the Committee on the Internal Market and Consumer Protection (IMCO), in particular those on cross-border transaction fees, pricing for car rentals, motor insurance and eIDAS, and those aiming to increase transparency in generaland comparability of financial products and services at EU level ;
Amendment 4 #
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1 a. Deeply regrets that only 7% of EU consumers have purchased a financial service in another EU member state than their member state of residence; considers in that regards consumers´ lack of trust in cross-border financial services as one of the main reasons behind the limited development of cross-border financial services;
Amendment 5 #
Draft opinion
Paragraph 1 b (new)
Paragraph 1 b (new)
1 b. Stresses that differences between national regulatory systems hinder the proper functioning of the Single market for financial services;
Amendment 6 #
Draft opinion
Paragraph 1 c (new)
Paragraph 1 c (new)
1 c. Believes that developing effective Europe-wide markers for financial services will improve choice for consumers, allow successful providers to offer their services throughout the EU as well as support new entrants and innovation;
Amendment 7 #
Draft opinion
Paragraph 1 d (new)
Paragraph 1 d (new)
1 d. Underlines that digitalisation and innovation have rapidly changed the shape of retail financial services in recent years, with the emergence of new financial products and business models as well as the entrance of new players such as new financial technology companies (Fintechs);firmly believes that these changes will be beneficial for consumers;
Amendment 15 #
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2 a. Believes that the completion of the Capital Market Union will help support the development of a true single market for cross-border financial products and services throughout the European Union;
Amendment 16 #
Draft opinion
Paragraph 2 b (new)
Paragraph 2 b (new)
2 b. Regrets that retail financial services are excluded from the scope of the Proposal for a Regulation of the European Parliament and of the Council on addressing geo-blocking and other forms of discrimination based on customers' nationality, place of residence or place of establishment within the internal market and amending Regulation (EC) No 2006/2004 and Directive 2009/22/EC; emphasizes in that context that a large number of consumers are prevented from buying financial services abroad due to territorial restrictions; calls therefore on the Commission to rapidly monitor the impact of the Payment Accounts Directive as well as the geo- blocking practices in other financial services than payment accounts;
Amendment 25 #
Draft opinion
Paragraph 3
Paragraph 3
3. Underlines that consumers need to be able to choose the best rates and be aware of fees and other associated costs when making transactions or payments abroad, including when using dynamic currency conversion (DCC); asks the Commission to require, where appropriate, that the value of a transaction be displayed both in local currency and in the consumer’s home currency at the time of the transaction, and that rates offered by different financial service providers be displayed in a transparent manner, and calls for a neutral reference rate provided by a non-business actor;
Amendment 41 #
Draft opinion
Paragraph 5a (new)
Paragraph 5a (new)
5 a. Recalls that fees for cross-border payments outside of the Euro area still remains high;calls therefore on the Commission to rapidly propose an amendment to the Regulation (EC) No 924/2009 of the European Parliament and of the Council of 16 September 2009 on cross-border payments in the Community and repealing Regulation (EC) No 2560/2001 in order to reduce charges for cross-border transactions in all Member States;regrets in that regards the lack of a common European online banking payments system, such as a EU-wide, European owned, credit or debit card;
Amendment 47 #
Draft opinion
Paragraph 6
Paragraph 6
6. Stresses the potential of e-signature for easier transactions; calls on the Commission to build on the work of the eIDAS Regulation and to further assess the framework of European e-ID schemes in order to facilitate the supply of cross- border online financial services; asks furthermore that the Commission urgently assess the current regulatory barriers for e-identification techniques; underlines the importance of system security to combat potential identity theft and the need for financial non- discrimination of persons unable or unwilling to use e-signature.
Amendment 50 #
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
6 a. Deplores the low switching levels of consumers for most banking and non- life insurance products, which remains one of the major barriers to entering retail cross-border markets;calls on the Commission to take rapid action in order to facilitate for consumers to switch to more advantageous retail financial services across the EU;
Amendment 55 #
Draft opinion
Paragraph 6 b (new)
Paragraph 6 b (new)
6 b. Highlights the large potential for the provision of cross-border insurance products, such as motor insurance;underlines that contract law differences between Member states impede the supply of insurance products across the EU;