Activities of Vicky FORD related to 2016/2243(INI)
Shadow opinions (1)
OPINION on FinTech: the influence of technology on the future of the financial sector
Amendments (9)
Amendment 18 #
Draft opinion
Paragraph 3
Paragraph 3
3. Urges the Commission to actively identify and remove existing barriers in the Single Market that currently prevent the advancement of digital services, including in the area of FinTech; notes that it is imperative that economic operators in the single market can access investment from those in third countries and be responsive to technological evolution;
Amendment 21 #
Draft opinion
Paragraph 4
Paragraph 4
4. Highlights that FinTech-related services can play a major role in the development of a future-proof European Digital Single Market, for example by making existing channels more cost- efficient and by offering innovative payment solutions; believes that the Commission should take a technology- neutral approach in its policy initiatives; calls on the Commission to ensure that initiatives are fit for purpose, outward looking, and based on the innovation principle;
Amendment 28 #
Draft opinion
Paragraph 5
Paragraph 5
5. Regrets the lack of a common European online banking payments system; believes that this is essential for the well- functioning of the Capital Markets Union, and a crucial part of the Digital Single Market, fostering European e-commerce and cross-border competition in financial services; calls on the Commission to identify the steps ahead towards creating an environment supportive to the growth of such a system; recognises the need for such a system to co-exist and where appropriate be inter-operative with other innovative payment solutions in the interest of competition;
Amendment 34 #
Draft opinion
Paragraph 6
Paragraph 6
6. Underlines that the EBA’s guidelinesRegulatory Technical Standards (RTS) on ‘strong payment authentication’ should take FinTech and e- commerce practices into account; asks the EBA to revise its suggestions in order to avert a negative effect on online services; asks that risk-based security policies be taken into account.
Amendment 38 #
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Recognises the potential benefits of regulatory ‘sandboxing’ by allowing scale-ups and financial firms to test FinTech products in a live environment; encourages the exchange of best practices which can be learned from regulatory initiatives in sandboxing;
Amendment 43 #
Draft opinion
Paragraph 6 b (new)
Paragraph 6 b (new)
6b. Acknowledges the benefits of RegTech in improving regulatory processes and protecting financial consumers; encourages national regulators to consider future developments in compliance technologies where deemed necessary;
Amendment 46 #
Draft opinion
Paragraph 6 c (new)
Paragraph 6 c (new)
6c. Recognises that FinTech refers to innovation occurring at the crossroad of finance and technology;
Amendment 55 #
Draft opinion
Paragraph 6 j (new)
Paragraph 6 j (new)
6j. Stresses that consumers are the driving force behind the rise of FinTechs; underlines the goal of any future legislative changes should be to support consumers in this transformation;
Amendment 57 #
Draft opinion
Paragraph 6 l (new)
Paragraph 6 l (new)
6l. Supports the use of big data in, among others, risk management by FinTech; notes the increase use of “digital/data onboarding” for use by FinTech companies; underlines, however, that data protection measures must be taken and consumer should be given a choice in how data is used and collected in line with the GDPR;