15 Amendments of Sharon BOWLES related to 2012/0175(COD)
Amendment 153 #
Proposal for a directive
Recital 32
Recital 32
(32) In order to provide a customer with comparable information on the insurance mediation services provided regardless of whether the customer purchases through an intermediary, or directly from an insurance undertaking, and to avoid the distortion of competition by encouraging insurance undertakings to sell direct to customers rather than via intermediaries in order to avoid information requirements, insurance undertakings should also be required to provide information about remuneration to customers with whom they deal directly in the provision of insurance mediation services about the remuneration they receive for the sale of insurance products. Where the cost of fees and inducements cannot be ascertained prior to the provision of the advice, then the manner of calculation must be disclosed in a comprehensive, accurate and understandable manner in the key services documents with the total aggregate cost and its impact on returns of the advice being disclosed to the client as soon as practically possible thereafter. Where investment advice is provided on an ongoing basis disclosure as to the cost of investment advice, including inducements, must be provided on a periodic basis and at least annually. The periodic report shall disclose all inducements paid or received in the preceding period.
Amendment 155 #
Proposal for a directive
Recital 32 a (new)
Recital 32 a (new)
(32a) Any person selling insurance products, who is not the product manufacturer, should provide the retail investor in a separate key service document with details of their costs and services in accordance with this Directive and Directive [MiFID as recast] as well as additional relevant information needed for the retail investor to assess the appropriateness of the of the insurance product for their needs which cannot be provided by the investment product manufacturer.
Amendment 160 #
Proposal for a directive
Recital 34 a (new)
Recital 34 a (new)
(34a) Member States shall require that remuneration policies of insurance intermediaries and insurance undertakings in relation to their employees or representatives do not impair the ability to act in the best interests of customers. For those employees who advise on or sell insurance investment products to customers, Member States shall require that insurance intermediaries and insurance undertakings ensure that their remuneration by the firm does not affect employees' impartiality in making a suitable recommendation or appropriate sale or presenting information in a form that is fair, clear and not misleading. Remuneration in such situations shall not be solely dependent on sales targets or the profit to the firm from a specific product.
Amendment 405 #
Proposal for a directive
Article 17 – paragraph 1 – point f a (new)
Article 17 – paragraph 1 – point f a (new)
(fa) the monetary amount of any fee which an insurance intermediary charges to the customer.
Amendment 461 #
Proposal for a directive
Article 17 a (new)
Article 17 a (new)
Article 17 a Disclosure of information Member States may introduce or retain additional disclosure requirements for insurance mediators and insurance undertakings concerning the amount of remuneration, fees, commissions or non- monetary benefits in relation to the provision of advice provided that the Member State upholds a level playing field between all distribution channels and does not distort competition and comply with Union law.
Amendment 493 #
Proposal for a directive
Article 18 – paragraph 4 b (new)
Article 18 – paragraph 4 b (new)
4b. The key information document should include the costs associated with the insurance product, comprising both direct and indirect costs to be borne by the customer, including summary indicators of these costs and, for comparability reasons, total costs expressed in monetary and percentage terms, to show the effects of the total costs on the insurance;
Amendment 558 #
Proposal for a directive
Article 24 – paragraph 3 – point a
Article 24 – paragraph 3 – point a
(a) the insurance intermediary or insurance undertaking and its services. When investment advice is provided, information shall specify whether the advice is provided on an independent basis andin advance the basis on which the advice is provided including whether it is based on a broad or on a more restricted analysis of the market and shall indicate whether or not the insurance intermediary or insurance undertaking will provide the customer with the on-goinglient with a periodic assessment of the suitability of the insurance investment product recommended to the customer; clients and inform its client as to the total cost of the investment transaction as a single monetary amount including both fees paid directly by the client to the the insurance intermediary or insurance undertaking as well as any inducements paid by a third party. This disclosure must be provided to the client prior to the provision of the investment advice.
Amendment 565 #
Proposal for a directive
Article 24 – paragraph 3 – point c
Article 24 – paragraph 3 – point c
(c) costs and associated charges, including the remuneration of the intermediary, and associated charges including separate charges for advice and the cost of the product where advice is provided.
Amendment 586 #
Proposal for a directive
Article 24 – paragraph 5 – point a a (new)
Article 24 – paragraph 5 – point a a (new)
(aa) the nature of the remuneration received in relation to the insurance contract and whether in relation to the insurance investment contract, it works: (i) on the basis of a fee, that is the remuneration paid directly by the customer; or (ii) on the basis of a commission of any kind, that is included in the insurance premium; or (iii) on the basis of a combination of both (i) and (ii);
Amendment 587 #
Proposal for a directive
Article 24 – paragraph 5 – point a b (new)
Article 24 – paragraph 5 – point a b (new)
(ab) if the intermediary will receive a fee or a commission of any kind, the full amount of the remuneration concerning the insurance investment products being offered or considered or, where the precise amount is not capable of being given, the basis of calculation of the fee or commission or the combination of both. The fee or commission for the advice and the fee or commission of the product should be disclosed as separate amounts or calculations;
Amendment 588 #
Proposal for a directive
Article 24 – paragraph 5 – point a c (new)
Article 24 – paragraph 5 – point a c (new)
(ac) if the amount of the commission is based on the achievement of agreed targets or thresholds relating to the business placed by the intermediary with an insurer, the targets or thresholds as well as the amounts payable on the achievement of them.
Amendment 600 #
Proposal for a directive
Article 24 – paragraph 5 a (new)
Article 24 – paragraph 5 a (new)
5a. Member States shall ensure that the manner in which an insurance undertaking or insurance intermediary remunerates its staff or other tied agents does not impede compliance with its obligation to act in the best interests of clients. Member States shall ensure that where staff advise on, market or sell insurance products to retail clients, the remuneration structures involved do not prejudice their ability to provide an objective recommendation, where applicable, or to provide information in a manner that is fair, clear and not misleading in accordance with paragraph 2 and does not otherwise give rise to undue conflicts of interest. In particular, Member States shall ensure that: (a) remuneration is not largely dependent on targets for the sale or profitability of particular products; (b) remuneration or other arrangements including performance assessment do not provide an incentive to staff to not act in the interest of the client of the intermediary.
Amendment 606 #
Proposal for a directive
Article 24 – paragraph 6 a (new)
Article 24 – paragraph 6 a (new)
6a. Member States may under certain circumstances and after consultation with relevant stakeholders, prohibit or further restrict the offer or acceptance of fees, commissions or non-monetary benefits in relation to the provision of advice on insurance investment products provided that the Member State upholds a level playing field between all distribution channels and does not distort competition. This may include requiring any such fees, commissions or non-monetary benefits to be returned to the client or offset against fees paid by the client.
Amendment 661 #
Proposal for a directive
Article 34 – paragraph 5
Article 34 – paragraph 5
5. A delegated act adopted pursuant to Articles 8, 17, 23, 24 and 25 shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of 23 months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by 23 months at the initiative of the European Parliament or the Council.
Amendment 662 #
Proposal for a directive
Article 34 a (new)
Article 34 a (new)
Article 34a Further provisions for draft regulatory technical standards 1. Notwithstanding any time limit provided for the submission of draft regulatory technical standards to the Commission, phasing of submissions shall be agreed covering buckets due at 12, 18 and 24 months. 2. The Commission shall not adopt regulatory technical standards in a manner that through recess reduces the scrutiny time of the Parliament to less than 2 months including the extension. 3. The European Supervisory Authorities may consult the Parliament during the drafting stages of the regulatory technical standards, particularly where there are concerns regarding the scope of the level 1 text. 4. Where the competent committee of the Parliament has voted to reject regulatory technical standards and there is less than two weeks to the next plenary session, the Parliament shall have the right to a further extension to the date of the next but one plenary. 5. In the event of a rejection of a regulatory technical standard and the identified issues are of limited scope, the Commission may adopt an accelerated timetable for delivering revised drafts. 6. The Commission shall ensure that all queries of the Parliament's scrutiny team raised formally via the Chair of the competent committee shall be answered promptly before the adoption of the draft regulation.