Next event: Commission response to text adopted in plenary 2017/03/22 more...
- Results of vote in Parliament 2016/11/22
- Decision by Parliament, 1st reading/single reading 2016/11/22
- End of procedure in Parliament 2016/11/22
- Debate in Parliament 2016/11/21
- Committee report tabled for plenary, single reading 2016/10/17
- Vote in committee, 1st reading/single reading 2016/10/11
- Committee opinion 2016/07/19
- Amendments tabled in committee 2016/06/29
Progress: Procedure completed
Role | Committee | Rapporteur | Shadows |
---|---|---|---|
Lead | ECON | LUDVIGSSON Olle ( S&D) | CADEC Alain ( PPE), FOX Ashley ( ECR), IN 'T VELD Sophia ( ALDE), MATIAS Marisa ( GUE/NGL), GIEGOLD Sven ( Verts/ALE), VALLI Marco ( EFDD), KAPPEL Barbara ( ENF) |
Committee Opinion | JURI | ||
Committee Opinion | IMCO | GUTIÉRREZ PRIETO Sergio ( S&D) | Lambert van NISTELROOIJ ( PPE), Richard SULÍK ( ECR) |
Lead committee dossier:
Legal Basis:
RoP 54
Legal Basis:
RoP 54Events
The European Parliament adopted by 552 votes to 128, with 11 abstentions, a resolution on the Green paper on retails financial services.
Members found the Green Paper initiative to be timely, given the need to work proactively at all stages of the policymaking process in order to respond efficiently and adequately to developments in such an innovative and fast-changing market.
They emphasised, in particular in order to boost consumer trust and satisfaction, that the Green Paper initiative can succeed only if it has a strong focus on creating an EU market in which w ell-protected consumers have equal opportunities and access to transparent, straightforward and good-value-for-money products . They acknowledged the positive value of providing customers with simple, safe and standardised products.
The resolution called on the need to:
simplify legislation to make products more easily comparable across the Member States’ markets, particularly in the insurance sector; monitor closely the transposition and implementation of this legislation , avoiding duplication and overlaps; promote positive developments in retail finance markets by creating a competitive environment and maintaining a level playing field for all stakeholders, including incumbent operators and new entrants, with rules as technology- and business‑model‑neutral as possible; ensure that greater consumer trust in financial services is necessary, since it remains low, especially with regard to financial products with high currency exchange risks; identify the advantages and risks that digitalisation can bring benefits for retail investors and ensure that the use of personal data and big data by financial service providers should comply with the EU data protection legislation and be strictly limited to what is necessary to provide the service and bring benefits to consumers.
Furthermore, in order for the single market in retail financial services to be efficient and dynamic, there should be no unnecessary or unfair differences between euro and non-euro Member States. The EU-level capacity for data collection and analysis in this field will probably need to be strengthened.
Short-term priorities : Parliament emphasised that the enforcement of EU and national financial and consumer legislation needs to be strengthened and should be consistent and rigorous enforcement thereof across the Member States.
It stressed that the European Supervisory Authorities should step up their activities on consumer and retail investor issues.
The Commission is called upon, inter alia , to:
play a more proactive role in using the Capital Markets Union, as part of the implementation of the Paris agreement, to support the growing Sustainable and Responsible Investment (SRI) market by promoting sustainable investments; intensify its work against discrimination on grounds of residence in the European market on retail financial services and, if necessary, to complement the planned general proposals to end unjustified geo-blocking with further legislative initiatives targeted specifically at the financial sector; set up a well-organised and easy-to-use EU comparison portal covering most or all parts of the retail financial services market; present a coherent and comprehensive strategy for making EU-wide cross-border switching easier for the consumer; strengthen the Alternative Dispute Resolution (ADR) structures and to look into the possibility of introducing a European system of collective redress; promote the mutual recognition and interoperability of digital identification techniques , without affecting the level of security of existing systems or their ability to fulfil the requirements of the EU anti-money laundering framework; draw up a plan for establishing a coordinated network of national ‘one-stop shops’ in accordance with the Points of Single Contact, that would assist retail financial firms wishing to make better use of cross-border business opportunities; put forward a proposal on the creation of an 'EU savings account' in order to unlock long-term financing and support ecological transition in Europe.
Parliament reminded the Commission that financial institutions continue to cancel payment cards if the holder moves to another Member State.
Long-term considerations : the Commission is invited to:
study further the feasibility, relevance, benefits and costs of removing existing barriers to the cross-border provision of financial services, thus guaranteeing domestic and cross-border portability in various parts of the retail financial services market, for example as regards personal pension and insurance products; monitor attentively the transposition and implementation of the Mortgage Credit Directive attentively and to analyse the impact of this legislation on the retail financial services market; conduct, with the Member States, a joint analysis of the implementation and impact of EU legislation on retail financial services as well as the legal barriers and other remaining obstacles to cross-border operations and to the completion of an EU retail financial services market; analyse what data are necessary to enable lenders to assess the credit-worthiness of their customers and, on the basis of this analysis, and introduce proposals for regulating this assessment process; investigate further the current practices of credit bureaux in relation to the collection, processing and marketing of consumer data with a view to ensuring that they are adequate and not detrimental to consumers’ rights.
Member States should ensure that digital communications and sales related to retail financial services are available in forms accessible to people with disabilities .
The Committee on Economic and Monetary Affairs adopted an own-initiative report by Olle LUDVIGSSON (S&D, SE) in response to the Green paper on retails financial services.
Members welcomed the Commission Green Paper on retail financial services and stated that its publication is timely, given the need to work proactively at all stages of the policymaking process in order to respond efficiently and adequately to developments in such an innovative and fast-changing market. They stated that digitalisation will continue to create new opportunities for consumers, investors, SMEs and other companies in terms of competition, cross-border activities and innovation. They also emphasised, in particular in order to boost consumer trust and satisfaction, that the Green Paper initiative can succeed only if it has a strong focus on creating an EU market in which well-protected consumers have equal opportunities and access to transparent, straightforward and good-value-for-money products .
The report underlined that greater consumer trust in financial services is necessary , since it remains low, especially with regard to financial products with high currency exchange risks. The Commission is called on to ensure that existing measures aimed at improved financial literacy and awareness are fully implemented and that further measures are introduced where necessary in order to empower consumers to make informed decisions.
Furthermore, in order for the single market in retail financial services to be efficient and dynamic, there should be no unnecessary or unfair differences between euro and non-euro Member States. The EU-level capacity for data collection and analysis in this field will probably need to be strengthened.
Short-term priorities : the report emphasised that the enforcement of EU and national financial and consumer legislation needs to be strengthened and that a single market in retail financial services needs high levels of consumer protection legislation and consistent and rigorous enforcement thereof across the Member States.
The Commission is called upon, inter alia , to:
ensure that the authorities get the funding models and mandates needed to take a more active and consumer-oriented role in the retail financial services market while ensuring financial stability; play a more proactive role in using the Capital Markets Union, as part of the implementation of the Paris agreement, to support the growing Sustainable and Responsible Investment (SRI) market by promoting sustainable investments; intensify its work against discrimination on grounds of residence in the European market on retail financial services; set up a well-organised and easy-to-use EU comparison portal covering most or all parts of the retail financial services market; present a coherent and comprehensive strategy for making EU-wide cross-border switching easier for the consumer; strengthen the Alternative Dispute Resolution (ADR) structures and to look into the possibility of introducing a European system of collective redress; promote the mutual recognition and interoperability of digital identification techniques , without affecting the level of security of existing systems or their ability to fulfil the requirements of the EU anti-money laundering framework; draw up a plan for establishing a coordinated network of national ‘one-stop shops’ in accordance with the Points of Single Contact, that would assist retail financial firms wishing to make better use of cross-border business opportunities; put forward a proposal on the creation of an 'EU savings account' in order to unlock long-term financing and support ecological transition in Europe.
Long-term considerations : the Commission is invited to:
study further the feasibility, relevance, benefits and costs of removing existing barriers to the cross-border provision of financial services, thus guaranteeing domestic and cross-border portability in various parts of the retail financial services market, for example as regards personal pension and insurance products; monitor attentively the transposition and implementation of the Mortgage Credit Directive attentively and to analyse the impact of this legislation on the retail financial services market; conduct, with the Member States, a joint analysis of the implementation and impact of EU legislation on retail financial services as well as the legal barriers and other remaining obstacles to cross-border operations and to the completion of an EU retail financial services market; analyse what data are necessary to enable lenders to assess the credit-worthiness of their customers and, on the basis of this analysis, and introduce proposals for regulating this assessment process; investigate further the current practices of credit bureaux in relation to the collection, processing and marketing of consumer data with a view to ensuring that they are adequate and not detrimental to consumers’ rights.
Lastly, Member States should ensure that digital communications and sales related to retail financial services are available in forms accessible to persons with disabilities .
PURPOSE: to launch a debate at EU and national level on how to ensure a further opening of the European market in retail financial services.
CONTENT: retail finance provides a number of services that are essential for citizens: current accounts, pensions and savings, mortgages and financing other purchases, personal insurance against health problems or accidents and property insurance.
But Europe-wide markets in retail financial services do not really exist at present . Only a small minority of retail financial service purchases take place across borders. There are many good products that exist in domestic markets, but it is difficult for consumers in one EU Member State to buy products provided in another. Furthermore, prices vary widely across the EU: for example, motor insurance for ordinary citizens.
The Commission considers that digitalisation could help bring down prices and improve the comparability of products, empowering consumers in their financial choices. In the long run, digitalisation should allow firms to make their products available anywhere in the Union, bringing a single European market closer to reality.
Building confidence, will, however, be crucial to the expansion of the single market in this area: confidence among companies that they can do business across borders and trust among consumers that if they use a service across borders their interests will be protected.
The Commission's goal is to maximise the practical benefits of a single market in retail financial services for as many European consumers as possible by opening up the market , so that they have a bigger and better choice of financial products.
The Green Paper complements other key pieces of Commission work:
the Digital Single Market , which intends to ensure better access for consumers and businesses to online goods and services across Europe by tackling the problem of unjustified 'geo-blocking' (supplier-imposed restrictions on purchases); the Capital Markets Union (CMU), which aims to offer businesses more choices of funding at different stages of their development and to provide more options and better returns for savers and retail investors; the Single Market Strategy , which consists of targeted actions in three key areas: (i) creating opportunities for consumers, professionals and businesses, (ii) encouraging modernisation and innovation and (iii) ensuring practical delivery that benefits consumers and businesses in their daily lives.
Retail financial services are also subject to a wide variety of requirements and regulations at EU and national levels with the aim of protecting consumers and encouraging an internal EU market for these services.
CONTENT : the Green Paper is an opportunity to make proposals on how the European market for retail financial services – namely insurance, loans, payments, current and savings accounts and other retail investments – might be further opened up , bringing better results for consumers and firms, whilst maintaining an adequate level of consumer and investor protection. It seeks to identify the specific barriers that consumers and firms face in making full use of the single market and ways in which those barriers could be overcome, including by making best use of new technology , subject to appropriate safeguards.
The goal is to make it easier:
for companies based in one EU Member State to offer retail financial services in other EU Member States; for consumers to be able to buy retail financial services offered in other EU Member States; and for citizens to take their financial service products with them if they move from one Member State to another, whether to study, work or retire –"portability".
The Green Paper therefore explores:
the current state of the Single Market for retail financial services, and the recent trend of digitalization; the need for action at the EU or national level to overcome the barriers which currently stop consumers and firms from going cross-border.
Obstacles to cross-border activity in the market for retail financial services : the Commission states that the obstacles originate from two main groups of root causes affecting both suppliers and consumers, which act together to keep the European market fragmented:
consumers do not know about or do not have enough confidence in offers from other Member States and if they do, they have trouble accessing them; suppliers do not offer products to consumers in other Member States because fragmented markets create excessive operational and compliance costs.
The Commission is particularly interested in whether the use of innovative digital technology can assist in solving any of these obstacles.
Helping consumers to buy financial products cross-border : whether purchasing life insurance, using a mortgage to buy a home, moving abroad or saving money for the future, consumers should be able to (i) know what is available elsewhere in the EU, (ii) get competitively-priced products suited to their needs, and iii) be confident that their products are safe and suitable and will act in the way they intend.
Customers should be better informed of the different financial services and insurance products available in the EU. It is also necessary to determine whether new measures are needed to:
improve the comparability of products and/or facilitate switching of retail financial services providers; tackle complex and prohibitively high fees for foreign transactions; prohibit unjustified discrimination on grounds of residence in the retail financial services sector, including insurance; facilitate the portability of retail financial products – for example, life insurance and private health insurance – or facilitate access to and recognition of professional indemnity insurance cross-border; improve the transparency and comparability of financial products (particularly by means of digital solutions) to strengthen consumer trust; increase possibilities of compensation or remedies in the retail financial services sector in the case of cross-border purchases; ensure that victims of car accidents are covered by guarantee funds from other Member States in case the insurance company becomes insolvent; increase transparency and comparability of ancillary insurance.
Creating new market opportunities for suppliers : the Green Paper also focuses on how the Commission could help to reduce the costs and risks inherent in providing financial services cross-border, making this possible for firms and increasing competition and consumer choice across the EU. It is necessary to determine if new measures are needed to:
support firms in creating and providing innovative digital financial services across Europe, with appropriate levels of security and consumer protection; enable electronic signature and verification of identity; improve access to and usability of financial data for credit-worthiness assessments; facilitate the provision of after-sales services in another Member State, without a subsidiary or branch office; encourage lenders to provide mortgage or loans cross border; make practical assistance available from Member State governments or national competent authorities (e.g. through 'one-stop-shops') in order to facilitate cross-border sales of financial services, particularly for innovative firms or products.
Next steps : interested parties are invited to send their answers to the questions in the Green Paper by 18 March 2016 through the online questionnaire.
The Commission will organise a conference in early 2016 to examine the evidence yielded by the consultation and discuss priority areas mentioned in the Green paper. It envisages publishing an action plan on retail financial services to follow up the consultation around summer 2016.
Documents
- Commission response to text adopted in plenary: SP(2017)148
- Results of vote in Parliament: Results of vote in Parliament
- Decision by Parliament, 1st reading/single reading: T8-0434/2016
- Debate in Parliament: Debate in Parliament
- Committee report tabled for plenary, single reading: A8-0294/2016
- Committee opinion: PE582.122
- Amendments tabled in committee: PE585.531
- Committee draft report: PE583.922
- Contribution: COM(2015)0630
- Contribution: COM(2015)0630
- Non-legislative basic document published: COM(2015)0630
- Non-legislative basic document published: EUR-Lex
- Committee draft report: PE583.922
- Amendments tabled in committee: PE585.531
- Committee opinion: PE582.122
- Commission response to text adopted in plenary: SP(2017)148
- Contribution: COM(2015)0630
- Contribution: COM(2015)0630
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Amendments | Dossier |
74 |
2016/2056(INI)
2016/06/02
IMCO
74 amendments...
Amendment 1 #
Draft opinion Paragraph -1 (new) -1. Points out that the Green Paper links up with and is complemented by initiatives such as the Digital Single Market, the Capital Markets Union and the Single Market Strategy, initiatives whose objectives and consequences entail heightened deregulation of the economy that will favour large economic groups and major powers in the EU to the detriment of workers, micro, small and medium-sized entrepreneurs and national production structures, and that consequently run counter to the interests of peoples, workers and Member States;
Amendment 10 #
Draft opinion Paragraph 1 b (new) 1b. Stresses, as outlined in the Green paper, that barriers preventing financial products from being sold across borders and the lack of cross-border sales are not primarily found in European law but either in barriers caused by national legislations or by the voluntary choice of financial institutions to segment the single market into national markets; asks the Commission to undertaken further analysis to understand this market segmentation and price discrimination and to recommend in a white paper, while respecting the freedom to contract, measures that could be introduced to encourage financial institutions to compete beyond national borders and to challenge current national pricing structures;
Amendment 11 #
Draft opinion Paragraph 1 b (new) 1b. Takes the view that the possibility of opening accounts in institutions that are not physically established in the Member State of residence, without requiring customers to travel to that institution’s branches and using remote signature of contracts and distance verification of identity, will not only act as a catalyst for capital flight in future financial crises but will also help to weaken the fight against money- laundering;
Amendment 12 #
Draft opinion Paragraph 1 b (new) 1b. Stresses that businesses face numerous difficulties in developing their cross-border operations; calls therefore on the Commission and Member States to make a detailed examination of the obstacles to cross-border operations and to the completion of the single market in the financial sector;
Amendment 13 #
Draft opinion Paragraph 1 b (new) 1b. Encourages the Commission that before taking further legislative action it is essential to assess, in time sufficient after the proper implementation or transposition of the latest legislation, the impact of all legislation related to the financial sector;
Amendment 14 #
Draft opinion Paragraph 1 c (new) 1c. Underlines the continued lack of cross-border sales of individual third party liability vehicle insurance is especially concerning; notes this lack of competition has led to some EU citizens paying rates that are hundreds of times higher than others for the same vehicle model; while understanding that risk and costs are factors in prices, notes that these factors are not sufficient to explain such price fragmentation across Europe; asks the Commission to adopt an sector specific action plan on the European market for individual motor vehicle insurances, including recommendations as to EU wide rules on guarantee funds, guidelines on the use of 'bonus-malus' data when a EU citizen moves to another Member State and other possible actions needed to create a true single market for vehicle insurance;
Amendment 15 #
Draft opinion Paragraph 1 c (new) 1c. Takes the view, furthermore, that this possibility will entail the closure of physical branches dealing with the public, which will reduce the quality of the service provided and lead to redundancies in the retail financial services sector; points out that the remote provision of services relies on customer support services staffed by subcontracting to temporary employment agencies, which are associated with precarious employment ties and working conditions and low wages, and in which workers are unable to acquire any link with the firm providing the service even when they have worked for that firm for several years;
Amendment 16 #
Draft opinion Paragraph 1 c (new) 1c. Recommends a proportionate regulatory approach which does not act as a brake on innovation in advance; calls on national regulators and the Commission to provide regulatory tools which encourage businesses to innovate, particularly by means of flexible regulatory systems which leave the room for manoeuvre needed for experimentation and for the development of new technologies;
Amendment 17 #
Draft opinion Paragraph 1 c (new) 1c. Notes that in order to facilitate cross-border activities for effective single market it is crucial to conduct an in-depth assessment which would identify the existing EU and national obstacles and the remaining barriers, which impact consumers and businesses and cannot be solved by the industry itself;
Amendment 18 #
Draft opinion Paragraph 1 d (new) 1d. Recognises that improving digital capacity can bring the financial services industry to higher level of performance, can offer new opportunities for both consumers and the industry in terms of competition and service and lead to paperless procedures;
Amendment 19 #
Draft opinion Paragraph 1 e (new) 1e. Calls on the Commission to research whether European Union´s regulations are adapted to current and future digital reality (e.g. capital requirement regulation on article 36 and 37 for investment in software and capital requirements directive IV on article 92 and 94 regarding remuneration policies to attract and retain talents, a clear framework for the private sector to use nationally recognised and accepted e- identification (e.g. video identification) systems across the Union, regulations leading to an overload of papers for consumers such as the PRIIPs regulation or the Insurance Distribution Directive);
Amendment 2 #
Draft opinion Paragraph -1 a (new) -1a. Rejects the idea that, in areas where the single market is supposedly well developed, consumers now benefit from better services and lower prices; notes that, on the contrary, examples such as the energy and transport sectors show that the imposition of deregulation in the sector and the liberalisation of prices in the name of the single market have led to a deterioration in services and a rise in costs for consumers;
Amendment 20 #
Draft opinion Paragraph 2 2.
Amendment 21 #
Draft opinion Paragraph 2 2. Calls on the Commission to ensure that digitalisation brings better market access for businesses on an equal footing,
Amendment 22 #
Draft opinion Paragraph 2 2.
Amendment 23 #
Draft opinion Paragraph 2 2. Calls on the Commission to ensure that digitalisation brings better market access for all businesses on an equal footing, especially for SMEs and fintechs,
Amendment 24 #
Draft opinion Paragraph 2 2. Calls on the Commission to ensure that digitalisation brings better market access for businesses on an equal footing, especially for SMEs and fintechs, and greater consumer choice, acting as a catalyst in bringing down price differences of financial services within the EU;
Amendment 25 #
Draft opinion Paragraph 2 2. Calls on the Commission to ensure that digitalisation brings better market access for businesses on an equal footing,
Amendment 26 #
Draft opinion Paragraph 2 a (new) 2a. Considers that digitisation creates new opportunities for consumers and businesses with regard to competition and services, and could help to improve the competitiveness of the financial services industry; acknowledges, however, that digitisation cannot by itself overcome certain legal obstacles to cross-border operations; calls therefore on the Commission to make the necessary adjustments to European legislation to make it possible to adapt existing European directives and regulations to the needs of the digital society;
Amendment 27 #
Draft opinion Paragraph 2 a (new) 2a. Calls for a fair competitive environment which encourages innovation, offers regulatory flexibility for its testing (such as regulatory sandboxes), while ensuring a high level of consumer protection and security;
Amendment 28 #
Draft opinion Paragraph 2 b (new) 2b. Calls on the the Commission to assess whether European legislation is sufficiently well adapted to the needs of the digital economy; calls for the elimination of obstacles to distance selling of financial goods and services while guaranteeing a high level of consumer protection; draws attention to the need to promote mutual recognition and interoperability of digital identification techniques for the private sector within the EU, without affecting the level of security of existing systems;
Amendment 29 #
Draft opinion Paragraph 3 3. Notes the increasing number of new types of service provider operating in this market; considers that this may bring significant benefits for consumers,
Amendment 3 #
Draft opinion Paragraph 1 1.
Amendment 30 #
Draft opinion Paragraph 3 3. Notes the increasing number of new types of service provider operating in this market; considers that this may bring significant benefits for consumers, with adequate regulation to ensure high levels of security and transparency; calls, accordingly, for a competitive framework which treats the various actors on the market equitably;
Amendment 31 #
Draft opinion Paragraph 3 3. Notes the increasing number of new types of service provider operating in this market; considers that this may bring significant benefits for consumers, as well as increased competition on the market, with adequate regulation to ensure high levels of security and transparency;
Amendment 32 #
Draft opinion Paragraph 3 a (new) 3a. Believes that the EU institutions should have suitable procedures at their disposal for governance and control in respect of new types of financial product; draws attention to the fact that all innovative products on the financial services market are unpredictable as regards their effects on consumers, the market and the system as a whole; considers that, in these circumstances, the authorities should subject such activity to the appropriate supervision;
Amendment 33 #
Draft opinion Paragraph 4 4.
Amendment 34 #
Draft opinion Paragraph 4 4.
Amendment 35 #
Draft opinion Paragraph 4 4. Is concerned that consumer trust in financial services remains low, and calls on the Commission to
Amendment 36 #
Draft opinion Paragraph 4 4. Is concerned that consumer trust in financial services remains low, and calls on the Commission to
Amendment 37 #
Draft opinion Paragraph 4 4. Is concerned that consumer trust in financial services remains low, especially concerning financial products with high currency exchange risks, and calls on the Commission to bring forward measures to improve consumer financial literacy,
Amendment 38 #
Draft opinion Paragraph 4 4.
Amendment 39 #
Draft opinion Paragraph 4 4. Is concerned that consumer trust in financial services remains low, and calls on the Commission to bring forward measures to improve consumer financial literacy, to increase the transparency of these products, and to remove consumer barriers to switching and any unjustified costs relating to this or to the shedding of a product;
Amendment 4 #
Draft opinion Paragraph 1 1.
Amendment 40 #
Draft opinion Paragraph 4 a (new) 4a. Calls on the Commission to ensure that the post-crisis legislations aiming at increasing the transparency of financial products and services are properly implemented in the Member States and to ensure that required comparison tools are accurate, comparing only products and services comparable across jurisdictions;
Amendment 41 #
Draft opinion Paragraph 4 a (new) 4a. Welcomes the work of various European-level agencies in protecting the interests of consumers in the financial sector; stresses, however, the need for better collaboration between these agencies to increase efficiency and avoid the duplication of tasks;
Amendment 42 #
Draft opinion Paragraph 4 a (new) 4a. Calls on the Member States to fully transpose and implement the MCD, PAD, IDD MiFID II directives as soon as possible, especially in relations to their consumer information requirements and protection measures;
Amendment 43 #
Draft opinion Paragraph 4 b (new) 4b. Stresses the roles played by the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority (EIOPA) in ensuring the protection of the consumers of financial products; asks the Commission to ensure they have the independency and tools needed to carry out their missions and regrets the budget reductions which have led to the limiting of their working programmes;
Amendment 44 #
Draft opinion Paragraph 4 b (new) 4b. Stresses that any new Commission proposal shall be based on proper and accurate data;
Amendment 45 #
Draft opinion Paragraph 5 Amendment 46 #
Draft opinion Paragraph 5 Amendment 47 #
Draft opinion Paragraph 5 5. Considers that
Amendment 48 #
Draft opinion Paragraph 5 5.
Amendment 49 #
Draft opinion Paragraph 5 5. Considers that unjustified discrimination based on residence and price differences for common retail financial products between Member States requires urgent action; suggests that comparison tools play a role in bringing down price differences; believes that retail financial institutions should be within the scope of the Commission's proposal on Geo-blocking (2016/289/EU).
Amendment 5 #
Draft opinion Paragraph 1 a (new) 1a. Points out that the Green Paper on retail financial services, under the pretext of the need to reduce costs for consumers and reap the benefits of technological development, is in fact a further contribution towards boosting the profits of large retail financial institutions, in particular by reducing labour and administrative costs, as demonstrated by its key proposal that these companies should be able to offer their products in any Member State without having to be physically established there; takes the view, therefore, that this proposal will help create a pan-European oligopoly in the retail financial services sector;
Amendment 50 #
Draft opinion Paragraph 5 5. Considers that unjustified discrimination based on residence and price differences for common retail financial products between Member States requires urgent action by establishing a novel concept of European residence; suggests that comparison tools play a role in bringing down price differences;
Amendment 51 #
Draft opinion Paragraph 6 Amendment 52 #
Draft opinion Paragraph 6 Amendment 53 #
Draft opinion Paragraph 6 6. Stresses that portability of products is essential for a real single market in retail financial services, especially regarding the portability of pension rights and of private health insurance; calls on the Commission, therefore, to submit measures
Amendment 54 #
Draft opinion Paragraph 6 6. Stresses that portability of products is essential for a real single market in retail financial services; calls on the European Commission, therefore, to submit measures to ensure cross-border portability, harmonising the rights and obligations of businesses and consumers in the sector across the EU;
Amendment 55 #
Draft opinion Paragraph 7 7.
Amendment 56 #
Draft opinion Paragraph 7 a (new) 7a. Notes that the contractual freedom of the financial institutions to offer their services cross-border must be respected, as service providers should retain the ability to decide which customer segments and markets are appropriate as part of their business model;
Amendment 57 #
Draft opinion Paragraph 8 Amendment 58 #
Draft opinion Paragraph 8 8. Emphasises the importance of availability of alternative dispute resolution (ADR) and online dispute resolution (ODR),
Amendment 59 #
Draft opinion Paragraph 8 8. Emphasises the importance of availability of alternative dispute resolution (ADR) and online dispute resolution (ODR),
Amendment 6 #
Draft opinion Paragraph 1 a (new) 1a. Agrees with the Commission that the lack of cross-border financial services is a major concern and may harm the interests of consumers and businesses, as well as undermine the functioning of the single market; supports all efforts to find new ways to re-launch the single market for retail financial services in practice;
Amendment 60 #
Draft opinion Paragraph 8 8. Emphasises the
Amendment 61 #
Draft opinion Paragraph 8 8. Emphasises the importance of availability of alternative dispute resolution (ADR) and online dispute resolution (ODR), especially cross-border, as efficient redress is key to the single market, and particularly for SMEs and consumer trust;
Amendment 62 #
Draft opinion Paragraph 8 8. Emphasises the importance of availability of alternative dispute resolution (ADR) and online dispute resolution (ODR), especially cross-border, as efficient redress is key to the single market and consumer trust; recommends that the Fin- NET programme be incorporated into the ADR and ODR structures in order to increase its efficiency and the work towards consolidating such services into 'one-stop-shops' for consumers;
Amendment 63 #
Draft opinion Paragraph 8 a (new) 8a. Asks the Member States to ensure that digital communications and sales related to retail financial services are available in forms accessible to persons with disabilities, including via websites and downloadable file formats; supports the full inclusion of all retail financial services within the scope of the Directive on the accessibility requirements for products and services (the "European Accessibility Act");
Amendment 64 #
Draft opinion Paragraph 8 b (new) 8b. Asks the Commission to work with retailers, consumer organisations and other relevant stakeholders towards the creation of an independent pan-European comparison website for the most sold financial services products;
Amendment 65 #
Draft opinion Paragraph 9 9. Asks the European Commission
Amendment 66 #
Draft opinion Paragraph 9 9.
Amendment 67 #
Draft opinion Paragraph 9 9. Asks the Commission for an action plan on retail financial services, along with consumer information measures.
Amendment 68 #
Draft opinion Paragraph 9 a (new) 9a. Asks the Commission to assess the impact of a proposal to ban all fees or charges related to the sending or receiving of SEPA or national wire- transfers and the potential benefits for European consumers;
Amendment 69 #
Draft opinion Paragraph 9 a (new) 9α. Condemns the austerity measures and the Memoranda imposed by the Troika on Greece which had the effect of placing obstacles in the way of efforts to develop the digital economy.
Amendment 7 #
Draft opinion Paragraph 1 a (new) 1a. Notes that it is particularly important to remove cross-border barriers in the insurance sector in order to boost the collaborative economy;
Amendment 70 #
Draft opinion Paragraph 9 b (new) 9b. Welcomes the work towards greater transparency in the pricing of rental car services, including the sale of ancillary insurances and other fees; stresses that all fees or charges, either required or optional, connected to the rental a vehicle should be visible to the consumer on the rental company or comparison website in a clear and highlighted manner; reminds the Commission of the need to enforce the Unfair Commercial Practices Directive and welcomes the recent adoption of new implementing guidelines in light of technological change;
Amendment 71 #
Draft opinion Paragraph 9 c (new) 9c. Underlines the need to remove all barriers to the provision of financial services across borders includes national requirements to establish a structure or register in the Member State of the consumer; reminds the Member States of the current legislative requirements and case law in this domain and believes that if barriers are not removed that the Commission should take additional measures;
Amendment 72 #
Draft opinion Paragraph 9 d (new) 9d. Welcomes the increased use of e- signatures and e-identification within the framework of the eIDAS regulation; asks the Member States to work to ensure that e-signatures become the norm for financial service transactions and agreements; calls on the Commission to promote the use of e-IDs as a means of remote identification which meets current safety requirements while not hindering business at a distance;
Amendment 73 #
Draft opinion Paragraph 9 e (new) 9e. Recalls the work done relating to the credit rating agencies regulation; asks the Commission to review the impact of such legislation in relations to products sold to retail consumers;
Amendment 74 #
Draft opinion Paragraph 9 f (new) 9f. Supports the introduction of a fully transferable bank account number system to replace the current SEPA system which ties a consumer to a single institution via the linking of an IBAN with a fixed BIC/SWIFT code; calls on the Commission to introduce a proposal to allow the portability of bank account numbers and believes that, at a minimum, portability should be possible between institutions within a single Member State;
Amendment 8 #
Draft opinion Paragraph 1 a (new) 1a. Recalls that retail financial services have suffered substantial legislative inflation in the past five years and that several directives have recently been, or are currently being, transposed; considers that the impact of this legislation should be assessed before any fresh legislative initiative is taken;
Amendment 9 #
Draft opinion Paragraph 1 a (new) 1a. Reminds that after the crisis, the financial sector had to adapt enormously to new EU regulations;
source: 582.123
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