17 Amendments of Othmar KARAS related to 2007/2287(INI)
Amendment 3 #
Draft opinion
Paragraph 1
Paragraph 1
1. Underlines that, while calling for EU legislation on retail financial services to always aim for the highest standards of consumer protection, all market operators - including consumers/investors - need to be fully aware of the basic financial market principle that any higher return opportunity is reflected by a higher risk, and that risk is an indispensable element of any functioning financial market;
Amendment 5 #
Draft opinion
Paragraph 2
Paragraph 2
2. Recognises that although retail financial markets will continue to be primarily domestic internet and e-banking have become key instruments for consumers wishing to undertake cross- border retail financial activities, calling therefore upon all stakeholders to promote the development of such services;
Amendment 9 #
Draft opinion
Paragraph 4
Paragraph 4
4. Agrees that consumers wishing to change providers of financial services must be free to do so at any time, with minimum legal barriers and only justified costs, and that contract clauses governing such a change of provider must be formulated in transparent, easily comprehensible language and be explicitly brought to consumers' attention;
Amendment 11 #
Draft opinion
Paragraph 5
Paragraph 5
5. Commends that while product innovation is key to providing the consumer with a wider choice when looking for the most suitable financial products at the most competitive price, newall financial products have to be presented in a clear, objective and non-misleading way;
Amendment 14 #
Draft opinion
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Recognizes that a tension between preventing information overload and providing consumers with sufficient information exists; favours information quality over quantity; therefore calls on the Commission to invite consumer organizations to define which information they deem essential for consumers to make the right choice;
Amendment 15 #
Draft opinion
Paragraph 5 b (new)
Paragraph 5 b (new)
5b. States that consumers can either make a choice on their own (based on the information provided) or on the basis of advice; underlines that a clear distinction between information and advice should be drawn; is of the opinion that advice should only be provided upon request;
Amendment 17 #
Motion for a resolution
Subtitle before paragraph 5
Subtitle before paragraph 5
Better law-makingregulation
Amendment 20 #
Draft opinion
Paragraph 7
Paragraph 7
7. Requests that consumers must have accesWelcomes access by consumers to out- of-court Alternative Dispute Resolution (ADR) mechanism in all Member states for disputes on retail financial services issues both at national and cross-border level, and calls on the Commission to promote 'best-practices' in ADR;
Amendment 21 #
Draft opinion
Paragraph 8
Paragraph 8
8. Calls on the Member States to promote consumers' awareness and knowledge of FINNET; underlines that FIN-NET should play a key role in coordinating public information in all Member States on access to redress and ADR mechanisms, particularly for crossborder financial services;
Amendment 22 #
Draft opinion
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Recalls the fact that conventional court litigation will remain an important dispute resolution mechanism; thus calls upon the Commission to examine the effect on cross-border retail financial services of Regulation 44/2001 on jurisdiction and the recognition and enforcement of judgements in civil and commercial matter;
Amendment 24 #
Draft opinion
Paragraph 9
Paragraph 9
9. Supports a coherent European suggestionDoubts the necessity of providing consumers access to balanced forms of collective redress for the settlement of cross-border complaints related to retail financial products; intends at any rate to wait for the results of the Commission's on-going study on collective redress before taking any decision in this regard.
Amendment 34 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Recognises the option of a 28th lregal frameworkime, such as the Common Reference Framework, as a possible new approach to European regulation, to enable cross- border market choice to be provided to a uniformly high consumer protection standard; calls on the Commission again to put forward a time-frame for developing a 28th lregal frameworkime;
Amendment 36 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Opposes the standardisedation of products by means of legislation, as theseis undermines the aim of greater product diversity;
Amendment 50 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Stresses that, for the creation of a single market in financial services for private clients and small businesses, the establishment of Europe-wide competition and cross-border provision of financial services are a basic precondition; points out that lower prices, more choice and greater quality follow from healthy competition;
Amendment 64 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Notes that real competition can arise only ion equal competitive conditionsa level playing field; concludes that any legislation must follow the principle of ‘equalsame risks, equal regulationsame rules’; points out, however, that in the financial services sector product design is particularly influenced by the regulatory environment and a ‘one size fits all’ approach would adversely affect product diversity;
Amendment 74 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Recognises the great importance of financial service brokerintermediaries in providing financial services from other Member States to private clients and small businesses; calls on the Commission to create a framework that will strengthen this industrial sector;
Amendment 80 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Emphatically draws attention to the importance of enabling credit institutions and credit data agencies to have non- discriminatory cross-border access to credit data registers; recalls, however, that consumers and SMEs must be allowed to inspect and, if necessary, correct their personal data;