Activities of Alain CADEC related to 2017/2066(INI)
Shadow reports (1)
REPORT on the Action Plan on Retail Financial Services PDF (425 KB) DOC (73 KB)
Amendments (19)
Amendment 8 #
Motion for a resolution
Recital A
Recital A
A. whereas the EU market in retail financial services remains underdeveloped and highly fragmented; whereas efficient action is therefore needed to facilitate innovation beneficial to end users, while unlocking the full potential of the single marketreleasing the full potential of the single market in retail financial services would boost competitiveness, which would in turn lead to lower prices, create incentives for businesses to be more innovative, and increase the choice and diversity of products;
Amendment 20 #
Motion for a resolution
Recital B a (new)
Recital B a (new)
Ba. whereas micro-enterprises, SMEs and mid-caps are the backbone of the European economy and drivers of employment and growth; whereas every European law and initiative must be adapted to the characteristics of these companies;
Amendment 23 #
Motion for a resolution
Recital B b (new)
Recital B b (new)
Bb. whereas the definition of FinTech is set out in the Parliament Resolution of 17 May 2017, which says that FinTech should be understood as finance enabled by or provided via new technologies, affecting the whole financial sector in all its components, from banking to insurance, pension funds, investment advice, payment services and market infrastructures;
Amendment 29 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the Commission Action Plan on consumer financial services as a means of addressing some of the challenges raised by Parliament in its report on the Green Paper on retail financial services, with the aim of striving towards a genuine technology-enabled single market for retail financial services, while protecting consumers, guaranteeing data protection, lowering prices and fighting against tax fraud, tax evasion and tax avoidance;
Amendment 45 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Considers that the three main strands of work identified by the Commission for the remaining years of the current mandate are worth pursuing; believes, nevertheless, that several concerns raised by Parliament in its report on the Green Paper on retail financial services have not been credibly addressed by the Commission in its Action Plan;
Amendment 58 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Considers a high level of consumer protection and transparency key to the development of a single market in retail financial services; believes the enforcement ofat EU and national financial consumer legislation needs to be strengthenenforced across all Member States; points out that the Commission has already begun considering the review of the European supervisory authorities;
Amendment 64 #
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Calls on the Commission to ensure that the ‘same service, same risk, same rule, same supervision’ principle is applied so that competition is not distorted, in particular with the emergence of new market players; stresses that these rules must not hold back innovation;
Amendment 65 #
Motion for a resolution
Paragraph 4 b (new)
Paragraph 4 b (new)
4b. Stresses that a European retail financial services market must benefit SMEs in terms of both supply and demand; in terms of supply, this means ensuring an improvement in access to financing for SMEs; in terms of demand, it means enabling SMEs to access cross- border markets more easily; emphasises that increasing competition must not penalise SMEs providing retail financial services which operate on a local basis;
Amendment 67 #
Motion for a resolution
Paragraph 4 c (new)
Paragraph 4 c (new)
4c. stresses that a large number of legislative texts have been drawn up in recent years in the area of retail financial services; share’s the Commission’s view that priority should be given to the transposition and implementation of this legislation over proposing new legislative initiatives;
Amendment 76 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Welcomes the Commission’s commitment to propose an amendment to Regulation (EC) No 924/2009 on cross- border payments, involving payments in non-euro currencies, with the aim of ensuring that the fees for all cross-border and national payments in the EU are identical; calls on the Commission to examine the costs this measure would entail, in particular for consumers who would not benefit from services of this kind;
Amendment 78 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Emphasises that enforcing the current legislation is central to tackling ‘dynamic currency conversion’; reaffirms that this will necessitatethe lack of transparency in the ‘dynamic currency conversion’; points out that Directive (EU) 2015/2366 sets out an obligation for merchants to clearly highlight and present the most advantageous optfinal cost of the dynamic currency conversion for consumers, including when these consumers are making ATM withdrawals involving currency conversion;
Amendment 83 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Approves of the Commission’s ambition to incorporate the achievements of the Payment Accounts Directive to make it easier to change financial services providers and products; calls on the Commission to present legislative initiatives specifically targeted at the financial sector to end unjustified geo- blocking in orderexplore initiatives with a view to facilitateing switching by customers to more advantageous retail financial services in other Member States;
Amendment 93 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. UrgWelcomes the Commission to set up promptly a well-organised and easy-to-use EU comparison portal covering the European retail financial markets in its entirety’s intention to improve financial services comparison websites at EU level by consulting stakeholders; stresses that comparison tools must be accurate and of relevance to consumers, and must focus not only on the price of products, but also on their quality; points out that products should be compared only with similar products so as to avoid confusing consumers;
Amendment 100 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Takes the viewpoints out that subsequent to the Commission’s REFIT review of the Motor Insurance Directive, amendments to it will be vital to ensurthe Commission will decide if the Directive needs to be modified in order to improve compensation for traffic accident victims and to safeguard the cross-bordin cases where insurers are insolvent or where portability and recognition of no-claims bonuseast claims records need to be recognised across borders;
Amendment 104 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. UrgesCalls on the Commission to put forward legislative proposals to amend the Insurance Distribution Directive to include car rental companies selling insurance add-ons with a view to ensuring transparent pricing covering all car rental companies across the Member Statescheck that the agreement concluded between the five biggest car rental companies to improve the transparency of their sales practices, in particular with regard to the price of vehicle insurance, is being applied;
Amendment 108 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Stresses that addressing consumer over-indebtedness linked to credit activities must be given priority if the Commission aims to explore ways of facilitating cross-border access to loans; calls, with that aim in mind, for a comprehensive evaluation of the causes of consumer over-indebtedness; points out that financial education is an effective way to protect consumers who are at risk of over-indebtedness;
Amendment 129 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Calls on the Commission to amend the Mortgage Credit Directive and the Consumer Credit Directive to introduce compulsory,explore, with all stakeholders, the possible impact of introducing harmonised, cross- border creditworthiness assessment standards and principles to better mitigate the risk of increasing over-indebtedness when facilitating pan-European online creditprinciples in order to make pan-European credit more workable;
Amendment 140 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Calls onSupports the Commission’s intention to present an all-inclusive FinTech Action Plan in the framework of its capital markets union (CMU) and digital single market (DSM) strategies, contributing to an effective and well- functioning integrated technology- driven single market of financial services benefiting all European end-users; supports the Commission’s creation of a FinTech task force;
Amendment 159 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Stresses the need to adapt the existing EU legal framework for the digital world to counteract consumer protection risks connected with distance online selling, thereby creating new business opportunities for European start-ups, businesses and FinTechs;