Procedure completed
2007/2287(INI) Green Paper on retail financial services in the Single Market
Lead committee dossier: ECON/6/56159
Legal Basis RoP 052
| Role | Committee | Rapporteur | Shadows |
|---|---|---|---|
| Lead | ECON | KARAS Othmar (PPE-DE) | |
| Opinion | IMCO | SCHMIDT Olle (ALDE) | |
| Opinion | JURI |
Legal Basis RoP 052
Subjects
Activites
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2008/06/05
Results of vote in Parliament
- Results of vote in Parliament
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T6-0261/2008
summary
The European Parliament adopted by 452 votes to 44, with 13 abstentions, a resolution welcoming the Green Paper on retail financial services in the single market.The own initiative report had been tabled for consideration in plenary by Othmar KARAS (EPP-ED, AT) on behalf of the Committee on Economic and Monetary Affairs.MEPs emphasise that the internal market for retail financial services can only be created by measures that provide a secure environment for both the demand and the supply side, including as regards the conditions for redress. They consider it crucial that such measures should open the way for new products, services and market actors.Better regulation: MEPs support the Commission’s approach of ‘targeted full harmonisation’ - focused on those key elements that are deemed essential – and which consists of applying, for those elements where harmonisation is not feasible, mutual recognition of different national rules. Moreover, they oppose the standardisation of products by means of legislation, if this undermines the aim of greater product diversity. They consider that in order to improve comparability of competing financial products, legal harmonisation, for example of information or prudential requirements, is the way forward. In these specific cases, in particular, self-regulation should be encouraged and its implementation thoroughly monitored. The Commission is called upon to put forward a time-frame for a thorough investigation into whether a 28th regime, such as the common frame of reference, may be feasible, in the event of demand on the part of the financial services industry or consumers, and in the event that it could produce positive results.More choice and lower prices for consumers and SMEs: the Parliament reminds the Commission that effective competition between financial service providers is secured by having a large number of market participants. In this context, the pluralistic structure of the EU banking market, where financial institutions take diverse legal forms in accordance with their diverse business aims, is an asset to the European social market economy, consumers and the stability of the financial markets.Emphasising that real and fair competition can arise only on a level playing field, MEPs conclude that any legislation must follow the principle of "same risks, same rules". They recall, however, that in the financial services sector, an undifferentiated "one-size-fits-all" approach would adversely affect product diversity. Nevertheless, MEPs are convinced that comparable transparency and disclosure requirements for competing investment products are needed, particularly at the point of sale. The Parliament proposes a series of practical measures supporting the supply side:the Commission is called upon to present proposals to streamline regulatory requirements with respect to the distribution and organisation of comparable retail products and information thereon (these proposals should be based upon the principles set out in Directive 2004/39/EC on markets in financial instruments (the 'MiFid directive’);taking into consideration the development of Internet services, the Commission and the Member States are called upon to further promote e-commerce and the electronic signature, and to investigate the money-laundering directive to ascertain whether it is hindering the remote provision of services and how this situation might be remedied;recognising the great importance of financial service intermediaries, i.e. agents and brokers alike, MEPs call on the Commission to ensure a framework that will strengthen this industrial sector;Member States are called upon to take and coordinate measures to raise financial literacy among citizens – including children, young, employees and retirees – with a view to empowering and educating consumers to seek better, cheaper and more appropriate products and services;credit institutions and credit data agencies must have non-discriminatory cross-border access to credit data and fraud-data registers. The resolution emphasises, however, that optimal protection of the consumer's data must be guaranteed, as well as the customer's right to inspect and, if necessary, correct their personal data;the Commission should clarify the legal status and supervisory framework of non-banking consumer credit providers such as those that are only Web- and/or SMS- based;lastly, MEPs recall that differences in tax law constitute one of the greatest obstacles to the single market in finance.Enhancing consumer confidence and empowering consumers: MEPs emphasise that, while calling for Community law on retail financial services always to aim for very high standards of consumer protection, consumers need to be fully aware of the basic financial market principle that any opportunity for a higher return is reflected by a higher risk. The Commission is called upon to encourage national initiatives which impart an understanding of finance, in order to ensure an accurate grasp of the 'risk-return' principle and the specific characteristics of financial instruments.The resolution emphasises that consumers need confidence and proper knowledge to make the right choice of financial product. Coordinated efforts at national and European level are therefore needed to improve levels of financial literacy in all Member States. An amendment adopted in plenary points out that a particular duty of care needs to apply to the marketing of savings and old-age pension products, as the decisions that consumers take in that regard are normally decisions of great importance to them.MEPs agree that consumers who wish to change financial service provider must be free to do so at any time, with the minimum legal barriers and costs involved. They support finding a coherent solution at European level which provides consumers with access to balanced new forms of collective redress for the settlement of cross-border complaints related to retail financial products. Lastly, they urge financial service providers to offer at least a credit-based giro account to consumers expressing an interest.
- 2008/05/16 Committee report tabled for plenary, single reading
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2008/05/06
Vote in committee, 1st reading/single reading
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2007/12/13
Committee referral announced in Parliament, 1st reading/single reading
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2007/04/30
Non-legislative basic document published
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COM(2007)0226
summary
PURPOSE: the presentation of a Green Paper on retail financial services in the Single Market.BACKGROUND: this Green Paper is being presented within the context of an overall Commission review of the single market. It builds on the White Paper on Financial Services 2005-2010, the results of the Commission's sector inquiry into retail banking and the interim report on business insurance.Retail financial services are an important aspect of EU citizens’ daily lives. Significant progress has been made in delivering a single market for retail financial services and a framework is in place that guarantees financial soundness. At the same time, however, in the case of retail services, integration has not been full exploited – particularly in areas such as payments and retail banking. This situation is illustrated by the following indicators: cross-border activity remains modest; wide variation in the prices on offer continues to exist; restricted product diversity and choice characterises the retail financial service sector; and wide differences in market performance remain the norm rather than the exception.CONTENT: The Green Paper sets out the overarching Commission objectives vis-à-vis the retail financial services market and presents, in greater detail, the kind of actions that may be needed if consumers are to benefit from an integrated EU market. It also requests feedback from stakeholders on the direction being taken.The Commission believes that integration in EU retail financial services markets can be further developed by:Bringing down prices and increasing choice for consumers: the Commission is committed to removing barriers for retail financial services where this will lead to concrete benefits for consumers. It will take appropriate action, be it through enforcement of competition law or robust infringement policies, where there appears to be a practice of not applying or respecting Community legislation. It may also take other initiatives (including legislative ones, as justified following a full impact analysis).The Commission will address, in particular, the obstacles to competition noted during the sector inquiry into retail banking. In relation to payment cards, the Commission will apply EC competition law where schemes artificially raise costs for consumers. An ongoing area of work refers to multilateral interchange fees, typically paid by the bank of the merchant to the bank of the cardholder. Practices that weaken inter-network competition are likely to be subject to competition scrutiny. Besides payment cards, the Commission's action will aim at ensuring that access to credit registers and to payment clearing and settlement systems is not unduly withheld. The forthcoming White Paper on Mortgage Credit will outline initiatives to facilitate the creation of an integrated market for mortgage credit. The Commission will also follow closely the ongoing process aimed at drawing up the required technical and business rules to make the Single Euro Payments Area (SEPA) a reality by 2010 at the latest.Enhancing consumer confidence: this involves four main issues: protecting consumers' interest, providing legal certainty, ensuring access to adequate redress and promoting sound and safe retail financial institutions. In this context, Negotiations in the Council on the modified proposal for a new Consumer Credit Directive are being pursued with the aim of a rapid adoption. In order to increase consumers' cross-border activities in financial services at a distance, the Commission has begun a review of the Directive on the distance marketing of financial services and will propose amendments to the Directive on the basis of a Commission report scheduled for 2008.Empowering consumers: for consumers to be able to make the most of the single market they must have the financial literacy to make decisions for themselves, be well-informed, receive independent high-quality advice and be able to move freely between providers. The Commission will implement a series of initiatives aimed at developing financial literacy to improve the quality of information provided to consumers in sectors such as consumer credit, mortgage credit, investment funds (UCITS) and payment services. The Commission will launch a cross-sector study in 2008 in the area of long-term savings and investments as well as a study on credit intermediaries.The Commission will organise a hearing on 19 September 2007 to draw the conclusions of the consultation launched by this Green Paper and discuss with all stakeholders which initiatives are needed to bring about a more efficient internal market for retail financial services.
- DG {'url': 'http://ec.europa.eu/dgs/internal_market/', 'title': 'Internal Market and Services'}, MCCREEVY Charlie
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COM(2007)0226
summary
Documents
- Non-legislative basic document published: COM(2007)0226
- Committee report tabled for plenary, single reading: A6-0187/2008
- Results of vote in Parliament: Results of vote in Parliament
- Decision by Parliament, 1st reading/single reading: T6-0261/2008
| Amendments | Dossier |
| 117 |
2007/2287(INI)
2008/03/12
IMCO
28 amendments...
Amendment 1 #
Draft opinion Paragraph 1 1. Underlines that, while calling for EU legislation on retail financial services to always aim for the highest standards of consumer protection, and discourage speculative trends in a specific sector 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 10 #
Draft opinion 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 reasonable costs, and that contract clauses governing such a change of provider must be formulated in transparent, easily comprehensible language
Amendment 11 #
Draft opinion 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,
Amendment 12 #
Draft opinion 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, new financial products have to be presented in a clear, objective and non-misleading way; urges the Commission to present proposals to streamline the regulatory requirements with respect to information, distribution and organisation of comparable retail products in all European legislation and regulation regarding different sectors of the financial market; particularly with respect to mixed retail products (such as unit linked life insurance or other long term savings products), this streamlining should prevent regulatory arbitrage and unfair competition between the distributors of these products and bring an end to misleading and confusing information to consumers; in this streamlining exercise, on the basis of the study and the consultation that are currently being undertaken by the Commission on competing retail investment products, basic principles that have been set in the MiFid directive such as “best advice” and “know your customer” should be made applicable cross-sector for all comparable investment products according to the degree of complexity involved;
Amendment 13 #
Draft opinion 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, new financial products have to be presented in a clear, objective and non-misleading way and specific initiatives must be taken to develop financial literacy within the various customer categories;
Amendment 14 #
Draft opinion 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) 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 16 #
Draft opinion Paragraph 5 c (new) 5c. Calls on the Member States to take the necessary legislative measures to end the 'penalisation' of consumers who act responsibly (for example, those who redeem their bank loans earlier than the contractual date);
Amendment 17 #
Draft opinion Paragraph 6 6. Underlines that consumers need confidence and proper knowledge to make the right choice in financial products; coordinated efforts at national and European level are therefore needed to improve levels of financial literacy in all Member States, for example through organising events providing an opportunity for consideration and discussion of the subject;
Amendment 18 #
Draft opinion Paragraph 6 a (new) 6a. Calls on consumer organisations to take initiatives and measures to inform and protect consumers regarding activities which might involve major hidden elements of danger resulting from the development of speculative trends in the areas concerned;
Amendment 19 #
Draft opinion Article 7 7. Requests that consumers
Amendment 2 #
Draft opinion Paragraph 1 1. Underlines that, while calling for EU legislation on retail financial services to always aim for
Amendment 20 #
Draft opinion Paragraph 7 7.
Amendment 21 #
Draft opinion Paragraph 8 8. Calls on the Member States to promote consumers' awareness and knowledge of FINNET; underlines that FIN-NET should
Amendment 22 #
Draft opinion 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 23 #
Draft opinion Paragraph 9 9. S
Amendment 24 #
Draft opinion Paragraph 9 9.
Amendment 25 #
Draft opinion Paragraph 9 9. Supports a coherent European suggestion providing consumers access to balanced new forms of collective redress for the settlement of cross-border complaints related to retail financial products; suggests evaluating the impact of systems recently established at Member State level.
Amendment 26 #
Draft opinion Paragraph 9 9. Supports a coherent European suggestion providing consumers access to balanced forms of collective redress for the settlement of cross-border complaints related to retail financial products; asks the Commission to present detailed proposals for a European form of collective redress that is primarily focussed on real consumer interests in terms of corrective measures that may help to improve overall behaviour whilst avoiding a US-style litigation culture that is primarily driven by the financial interests of law firms.
Amendment 27 #
Draft opinion Paragraph 9 a (new) 9a. Calls for immediate and compulsory notification of borrowers regarding any cross-border credit data enquiries, in order to guarantee data protection as effectively as possible.
Amendment 28 #
Draft opinion Paragraph 9 b (new) 9b. Stresses the need to ensure access to financial services for all interested parties; therefore urges financial service providers to offer at least a credit-based giro account to consumers expressing an interest.
Amendment 3 #
Draft opinion Paragraph 1 1. Underlines that, while calling for EU legislation on retail financial services to always aim for
Amendment 4 #
Draft opinion 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; takes the view that the Commission should encourage national initiatives to impart an understanding of finance, so as to ensure an accurate grasp of the 'risk- return' principle and the specific characteristics of financial instruments;
Amendment 5 #
Draft opinion 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 6 #
Draft opinion Paragraph 2 2. Recognises that 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, ensuring at the same time the security of electronic correspondence, particularly regarding consumers;
Amendment 7 #
Draft opinion Paragraph 2 2. Recognises that 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; stresses however that consumers who do not have access to these technologies or have difficulty in using them, for example because of their age, should not be forgotten;
Amendment 8 #
Draft opinion Paragraph 2 a (new) 2a. Urges that the simplification of financial service regulations and the dismantling of barriers to customer mobility should not lead to lower standards of consumer protection in the Member States;
Amendment 9 #
Draft opinion 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
source: PE-402.884
2008/03/17
ECON
89 amendments...
Amendment 1 #
Motion for a resolution Recital A a (new) Aa. whereas retail banking plays a decisive role in the proper transmission of monetary policy conditions to the market, particularly to small businesses and consumers,
Amendment 10 #
Motion for a resolution Paragraph 3 b (new) 3b. Sees no point, given the factual absence of an integrated market for mortgage loans, in trying to artificially create such a market by setting up a European legal framework;
Amendment 11 #
Motion for a resolution Paragraph 4 4. Emphasises that a single market in financial services for consumers
Amendment 12 #
Motion for a resolution Paragraph 4 4. Emphasises that a single market in financial services for consumers and small businesses can be created only by measures that provide a secure environment both for the demand and the supply side
Amendment 13 #
Motion for a resolution Paragraph 4 4. Emphasises that a single market in financial services for consumers and small businesses can be created only by measures that provide a secure environment both for the demand and the supply side, including as regards the conditions for redress;
Amendment 14 #
Motion for a resolution Paragraph 4 a (new) 4a. Recognises, at the same time, the opportunities presented by opening up retail markets on the supply side; considers that this would enable the industry to achieve economies of scale by developing pan-European product platforms and thus offer products across Europe, resulting in more product diversity and competition in national markets for the benefits of consumers;
Amendment 15 #
Motion for a resolution Paragraph 4 a (new) 4a. Emphasises the need to examine and define a framework and national mandates for cooperation among national supervisory authorities to provide practical solution for supervision of cross- border retail financial groups within a short time frame; is positive about colleges of supervisors dealing with multi- jurisdictional financial conglomerates;
Amendment 16 #
Motion for a resolution Paragraph 4 a (new) 4a. Recalls that the single market often serves the providers more than the consumers; advocates simplifying financial legislation and removing barriers to the mobility of consumers such as fees for terminating an account; emphasises, however, that simplification should not lead to a lowering of the consumer protection; insists that the removal of barriers must not result in products becoming more expensive;
Amendment 18 #
Motion for a resolution Paragraph 5 5. Supports the Commission in its aim only to pursue initiatives that demonstrably offer citizens tangible benefits, are soundly
Amendment 19 #
Motion for a resolution Paragraph 5 5. Supports the Commission in its aim only to pursue initiatives that demonstrably offer citizens tangible benefits, are soundly justified and have been subject to proper impact studies; agrees that
Amendment 2 #
Motion for a resolution Paragraph 2 2. Notes that not only private clients but also small businesses are less inclined to take up cross-border financial services; underlines the need to ensure that the advantages of the financial single market also benefit small businesses;
Amendment 20 #
Motion for a resolution Paragraph 5 5. Supports the Commission in its aim only to pursue initiatives that demonstrably offer citizens tangible benefits, are soundly justified and have been subject to proper impact studies; agrees that, in the case of
Amendment 21 #
Motion for a resolution Paragraph 5 5. Supports the Commission in its aim only to pursue initiatives that demonstrably offer citizens tangible benefits, are soundly justified and have been subject to proper impact studies into cost-effectiveness where it is shown that there are deficiencies in cross-border activity and that the proposed measures are really effective in remedying these deficiencies; agrees that, in the case of the single market in financial services for consumers and small businesses, only an increase in cross- border activity can justify legislative measures;
Amendment 22 #
Motion for a resolution Paragraph 5 a (new) 5a. Targeted harmonisation principle which implies full harmonisation of key elements deemed important for mortgage market and consumer credit market integrations such as pre-contractual information, annual percentage rates of charge, and right of withdrawal shall be applied in order for consumers to make well-informed decisions on purchases of various retail banking products;
Amendment 23 #
Motion for a resolution Paragraph 6 a (new) 6a. Emphasises that simplifying financial service provisions and dismantling barriers to customer mobility must not be allowed to result in a worsening of the level of consumer protection in the Member States;
Amendment 24 #
Motion for a resolution Paragraph 7 7.
Amendment 25 #
Motion for a resolution Paragraph 7 7. Notes that, of the various possible legislative approaches
Amendment 26 #
Motion for a resolution Paragraph 7 7. Notes that the legislative approaches currently available, minimum harmonisation and full harmonisation, are in a state of tension between simplifying cross-border business and maintaining national standards for consumer protection; suggests targeted full harmonisation of financial services regulation to a large extent; considers that for those elements where harmonisation is not feasible, mutual recognition regarding different national rules should apply;
Amendment 27 #
Motion for a resolution Paragraph 8 Amendment 28 #
Motion for a resolution Paragraph 8 8. Recognises that the option of a 28th legal framework
Amendment 29 #
Motion for a resolution Paragraph 8 8. Recognises the option of a 28th legal framework, 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
Amendment 3 #
Motion for a resolution Paragraph 2 2. Notes that not only private clients but also small businesses are less inclined to take up cross-border financial services; underlines the need to ensure that the advantages of the financial single market also benefit small businesses;
Amendment 30 #
Motion for a resolution Paragraph 8 8. Recognises the option of a 28th legal framework
Amendment 31 #
Motion for a resolution Paragraph 8 8. Recognises the option of a 28th legal framework, 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
Amendment 32 #
Motion for a resolution Paragraph 8 8. Recognises the option of a 28th legal framework, 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; considers that this must not form an obstacle to new services and products, which are a necessary component in the development of the financial sector; calls on the Commission again to put forward a time-frame for developing a 28th legal framework.
Amendment 33 #
Motion for a resolution Paragraph 8 8.
Amendment 34 #
Motion for a resolution Paragraph 8 8. Recognises the option of a 28th
Amendment 35 #
Motion for a resolution Paragraph 9 9.
Amendment 36 #
Motion for a resolution Paragraph 9 9. Opposes the standardis
Amendment 37 #
Motion for a resolution Paragraph 9 9. Opposes standardised products,
Amendment 38 #
Motion for a resolution Paragraph 9 9.
Amendment 39 #
Motion for a resolution Paragraph 9 a (new) 9a. Urges the Commission to initiate proposals to streamline the regulatory requirements with respect to the information, distribution and organisation of comparable retail products across European legislation and regulation in different sectors of the financial market; is of the opinion that, particularly with respect to mixed retail products (such as unit-linked life insurance or other long-term savings products) this is necessary to prevent regulatory arbitrage and an unlevel playing field for the distributors of those products and to prevent the dissemination of misleading and confusing information to (potential) consumers; proposes that on the basis of the current study and the consultation regarding competing retail investment products, it would be worthwhile considering extending the application of the basic principles that have been established in Directive 2004/39/EC on markets in financial instruments (MiFID) such as ‘best advice’ and ‘know your customer’ should apply across the board to all comparable investment products in proportion to the degree of complexity involved;
Amendment 4 #
Motion for a resolution Paragraph 2 2. Notes that not only private clients but also small businesses are less inclined to take up cross-border financial services; underlines the need to ensure that the advantages of the financial single market also benefit small businesses; favours, for non-legislative measures, a definition such as that in the above-
Amendment 40 #
Motion for a resolution Paragraph 10 Amendment 41 #
Motion for a resolution Paragraph 10 10.
Amendment 42 #
Motion for a resolution Paragraph 10 10. Emphasises that
Amendment 43 #
Motion for a resolution Paragraph 10 10. Emphasises that effective self- regulation of the financial services industry
Amendment 44 #
Motion for a resolution Paragraph 10 10. Emphasises that effective self- regulation of the financial services industry should be preferred to any over-specific legislative regulation; calls on the financial services industry to work steadfastly towards the aims of the above Green Paper by self-
Amendment 45 #
Motion for a resolution Paragraph 10 a (new) 10a. Welcomes, in connection with the proposed strengthening of legal certainty for consumers, the introduction of the principle that the law of the country in which the consumer ordinarily resides is applicable to the contract if the service provider designs the business to include that country;
Amendment 46 #
Motion for a resolution Paragraph 10 b (new) 10b. Points out that a particular duty of care needs to apply to the marketing of savings and old-age pension products, as the decisions that consumers take in this area are regularly decisions of great importance that as a rule consumers take only once in a lifetime;
Amendment 47 #
Motion for a resolution Paragraph 11 Amendment 48 #
Motion for a resolution Paragraph 11 11. Stresses that
Amendment 49 #
Motion for a resolution Paragraph 11 11. Stresses that, for the creation of a single market in financial services for private clients
Amendment 5 #
Motion for a resolution Paragraph 3 3.
Amendment 50 #
Motion for a resolution 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 51 #
Motion for a resolution 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 follow from healthy competition; bearing in mind that main financial directives (Directive 2006/48/EC relating to the taking up and pursuit of the business of credit institutions, Directive 2006/49/EC on the capital adequacy of investment firms and credit institutions and the abovementioned prospective directive on credit agreements for consumers) favouring SMEs bring their fruits provided that the local retail banking competition status is intense which help the positive impacts linked with the financial regulations come true;
Amendment 52 #
Motion for a resolution Paragraph 11 a (new) 11a. Welcomes the payments industry initiative to create a Single European Payments Area, but emphasises that such a system should lead to greater transparency, especially concerning the interchange fees;
Amendment 53 #
Motion for a resolution Paragraph 12 12. Reminds the Commission that effective competition between financial service providers is secured by having a large number of
Amendment 54 #
Motion for a resolution Paragraph 12 12. Reminds the Commission that effective competition between financial service providers is secured by having a large number of market participants; notes in this connection that financial intermediation is of major importance in enabling the individual consumer to take advantage of the opportunities offered by the European market; draws attention to its resolution on consolidation in the financial services industry, in which it averred that the pluralistic structure of the European banking market, where financial institutions could take on diverse legal forms in accordance with their diverse business aims, was an asset to the European economy.
Amendment 55 #
Motion for a resolution Paragraph 12 12. Reminds the Commission that effective competition between financial service providers is secured by having a large number of market participants; draws attention to its resolution on consolidation in the financial services industry, in which it averred that the pluralistic structure of the European banking market, where financial institutions could take on diverse legal forms in accordance with their
Amendment 56 #
Motion for a resolution Paragraph 12 12. Reminds the Commission that effective competition between financial service providers is secured by having a large number of market participants competing under equal conditions; draws attention to its resolution on consolidation in the financial services industry, in which it
Amendment 57 #
Motion for a resolution Paragraph 12 12. Reminds the Commission that effective competition between financial service providers
Amendment 58 #
Motion for a resolution Paragraph 12 a (new) 12a. Notes the important role that mutual insurers play in the European insurance market, with 68 % of insurance companies and 25 % of market share, serving more than 230 million European citizens; stresses that current tools to develop business in the internal market are not suitable with the mutual corporate structure;
Amendment 59 #
Motion for a resolution Paragraph 12 b (new) 12b. Points out that a statute for a European mutual society would allow mutual insurers to operate on the same level playing field as other insurance undertakings, in particular in a cross- border situation, thus increasing the offer of insurance products; emphasises that mutual organisations, through their governance, which directly involves their customers, contribute to increased overall consumer confidence in the EU financial markets; strongly believes that the democratic design of governance in mutual organisations is capable of increasing customer awareness for and participation in financial markets;
Amendment 6 #
Motion for a resolution Paragraph 3 3
Amendment 60 #
Motion for a resolution Paragraph 12 c (new) 12c. Notes that an increased offer of insurance products as well as the non- profit ethos which characterises mutual organisations would increase competition between the operators, leading to more choice and potentially more attractive product offerings to the European consumer;
Amendment 61 #
Motion for a resolution Paragraph 13 13. Notes that
Amendment 62 #
Motion for a resolution Paragraph 13 13. Notes that real competition can arise only in equal competitive conditions; concludes that any legislation must follow the principle of ‘equal risk, equal regulation’; points out, however, that in the financial services sector product design is particularly influenced by the regulatory environment
Amendment 63 #
Motion for a resolution Paragraph 13 13. Notes that real competition can arise only in equal competitive conditions; concludes that any legislation must follow the principle of ‘equal risk, equal regulation’; 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; emphasises that simple, standardised financial service products on a voluntary basis promote the comparability of financial service products and are thus likely to make an essential contribution to more competition;
Amendment 64 #
Motion for a resolution Paragraph 13 13. Notes that real competition can arise only
Amendment 65 #
Motion for a resolution Paragraph 13 a (new) 13a. Believes that disclosure of cost, risk and performance at the point of sale is crucial to enable investors to take informed decisions; in this context, calls for comparable transparency requirements for all substitute investment products, such as investment funds, structured products and unit-linked life insurance products; regrets the inconsistencies of the EU regulatory framework and is concerned about their impact on fair competition and investor protection; requests the Commission to address regulatory shortcomings of Directive 2003/71/EC on the prospectus to be published when securities are offered to the public or admitted to trading and Directive 2002/92/EC on insurance mediation by taking disclosure requirements under Directive 2004/39/EC on markets in financial instruments (MiFID) and the new UCITS Key Investor Information document as benchmarks for all substitute products;
Amendment 66 #
Motion for a resolution Paragraph 13 a (new) 13a. Asks the Commission to clarify the definition of retail financial products; regrets that so far the issue of complex financial products was not properly addressed; is of opinion that new complex financial products, such as savings deposits tied with high-risk investment fund units, should fall within the scope of Directive 2004/39/EC on markets in financial instruments (MiFID);
Amendment 67 #
Motion for a resolution Paragraph 13 a (new) 13a. Highlights the need for comparable distribution and disclosure provisions for all competing investment products (i.e. investment funds, structured products such as certificates, unit-linked life insurance) at the point of sale to ensure a consistent level of investor protection throughout EU financial services legislation;
Amendment 68 #
Motion for a resolution Paragraph 13 a (new) 13a. Recalls that there is a growing number of consumers who are denied market access to basic financial services; regrets that the Green Paper fails to raise the issue of introducing a European right to a current account on a non-borrowing basis; stresses that the right to a current account would be a concrete benefit for consumers;
Amendment 69 #
Motion for a resolution Paragraph 14 14. Regrets that
Amendment 7 #
Motion for a resolution Paragraph 3 3.
Amendment 70 #
Motion for a resolution Paragraph 14 14. Regrets that cross-border providers of financial services incur high costs as a result of the differing legal provisions and differing practice of national supervisory authorities; calls on the Lamfalussy committees to step up their work for uniform standards; in particular, advocates agreement on simple and practical standard forms for reporting and approval procedures;
Amendment 71 #
Motion for a resolution Paragraph 16 16. Recognises the great importance of financial service brokers in providing financial services from other Member States to private clients and small businesses; recalls
Amendment 72 #
Motion for a resolution Paragraph 16 16. Recognises the great importance of financial service brokers in providing financial services from other Member States to private clients and small businesses; calls on the Commission to c
Amendment 73 #
Motion for a resolution Paragraph 16 16. Recognises the great importance of financial service brokers in providing financial services from other Member States to private clients
Amendment 74 #
Motion for a resolution Paragraph 16 16. Recognises the great importance of financial service
Amendment 75 #
Motion for a resolution Paragraph 16 16. Recognises the great importance of
Amendment 76 #
Motion for a resolution Paragraph 16 16. Recognises the great importance of financial service brokers 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; stresses the importance of differentiating according to type of brokerage and of avoiding a 'one size fits all' approach;
Amendment 77 #
Motion for a resolution Paragraph 16 a (new) 16a. Recalls the importance of developing financial education as a complement to adequate consumer protection; calls on the Member States and all the stakeholders to take and coordinate measures to raise financial literacy among citizens – including children, young, employees and retirees – with a view to empowering and educating consumers to seek better, cheaper and more appropriate products and services, spur competition, quality and innovation within the industry, build up financially literate consumer organisations able to counterbalance the role of business in the process of preparing regulation; recalls that citizens who are confident in investing can provide additional liquidity to capital markets;
Amendment 78 #
Motion for a resolution Paragraph 17 a (new) 17a. Drawing lessons from certain recent retail banking turmoil (Northern Rock, IKB, Sachsen LB), recognises that remuneration systems in banks should be reshaped on the basis of guidelines by supervisory authorities in order to combat more efficiently the moral hazard phenomenon and strengthen the role of prudent risk management systems;
Amendment 79 #
Motion for a resolution Paragraph 18 18. Emphatically draws attention to the importance of improving the protection of customers’ personal data in the EU Member States before enabling credit institutions and credit data agencies to have non-
Amendment 8 #
Motion for a resolution Paragraph 3 3. Considers that the provision of financial services to private clients and small businesses will remain to a large extent a local business, in view of linguistic and cultural factors and the need for personal contact
Amendment 80 #
Motion for a resolution 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;
Amendment 81 #
Motion for a resolution Paragraph 18 18. Emphatically draws attention to the importance of enabling credit institutions
Amendment 82 #
Motion for a resolution 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 and to fraud-data registers; calls on the Commission to identify the obstacles to exchanges of data relating not just to credit but also to fraud;
Amendment 83 #
Motion for a resolution 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
Amendment 84 #
Motion for a resolution Paragraph 18 a (new) 18a. Urges the Commission to clarify the legal status and supervisory framework of non-banking consumer credit providers such as those that are only Web- and/or SMS-based;
Amendment 85 #
Motion for a resolution Paragraph 18 a (new) 18a. Calls on the Commission to step up its activities in respect of credit agents/brokers in order to ensure that consumers are protected and to prevent dubious sales practices which harm in particular the most vulnerable sections of the population;
Amendment 86 #
Motion for a resolution Paragraph 18 b (new) 18b. Stresses the importance of reliable data for the granting of bank loans, which should be made available on the basis of fair, transparent criteria;
Amendment 87 #
Motion for a resolution Paragraph 18 c (new) 18c. Stresses the importance of providing consumers with simple, effective schemes for alternative dispute resolution, including by raising awareness of the FIN-NET system and of the various forms of, and schemes for, ADR operating in the various Member States;
Amendment 88 #
Motion for a resolution Paragraph 20 20.
Amendment 89 #
Motion for a resolution Paragraph 21 a (new) 21a. Calls on the Commission to resume work on a Statute for a European Mutual Society by initiating a feasibility study for that legislative project;
Amendment 9 #
Motion for a resolution Paragraph 3 a (new) 3a. Notes that consumers use cross-border financial services by telephone or on the Internet only to an imperceptibly small degree (less than 1 %) and that the extensive regulation of such services at European level is therefore in no way proportionate to requirements;
source: PE-404.445
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History
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2015-11-04Show (1) Changes | Timetravel
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2014-11-10Show (5) Changes
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