2016/2056(INI) | [ParlTrack]

Dita CHARANZOVÁ, Antanas GUOGA, Richard SULÍK, Kaja KALLAS, Lambert van NISTELROOIJ

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 #

Dita CHARANZOVÁ, Antanas GUOGA, Richard SULÍK, Robert ROCHEFORT

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. ~~Calls on the Commission to ensure that~~Regrets that up to now digitalisation ~~brings~~has not brought better market access for businesses on an equal footing, especially for SMEs ~~and fintechs~~, and greater consumer choice, bringing down price differences of financial services ~~with~~in the EUMember States;

Amendment 21 #

Dita CHARANZOVÁ, Antanas GUOGA, Kaja KALLAS, Robert ROCHEFORT, Lambert van NISTELROOIJ

Draft opinion
Paragraph 2

2. Calls on the Commission to ensure that digitalisation brings better market access for businesses on an equal footing, ~~especially~~including for SMEs and fintechs, ~~and greater consumer choice, bringing down price differences of financial services within the EU~~ensuring fair competition for businesses which is also beneficial to the consumer of financial services within the EU in terms of supply, pricing and quality of goods and services;

Amendment 22 #

Draft opinion
Paragraph 2

2. CWelcomes the benefits brought to consumers by the digital transformation of financial services and the raise of non- traditional fintech companies which have started to change the way retailers and consumers interact; calls on the Commission to ensure that digitalisation brings better market access for all businesses ~~on an equal footing~~, especially for SMEs and fintechs, and greater consumer choice, bringing down price differences of financial services within the EU;

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, ~~and greater consumer choice, bringing down price differences~~fair competition with the aim to create a wider choice for consumers and help reducing prices and improving quality of financial services within the EU;

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, especially for SMEs and fintechs, and greater consumer choice, bringing down price differences of financial services within the EU, whilst considering the financial risks of consumers brought forward by digitalisation;

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, ~~with adequat~~through suitable regulation so as to ensure high levels of security and transparency;

Amendment 3 #

Draft opinion
Paragraph 1

1. Welcomes the Commission initiative, since opportunities for digitalisation, reducing market fragmentation and empowering consumers are crucial to achieving a genuine single market for retail financial servicIs extremely concerned by the European Commission initiative, regretting once again that opportunities for digitalisation and consumer empowerment are serving as a pretext for creating a single market for retail financial services whose chief consequences will be on the one hand the intensification of capital movements, and on the other hand the liquidation of smaller businesses operating in the sector and the subsequent concentration of capital and wealth in the largest financial groups at EU level, increasing the hegemony enjoyed by those groups and leading to a loss of autonomy and sovereignty for the Member States;

Amendment 30 #

Maria GRAPINI, Sergio GUTIÉRREZ PRIETO

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 #

Maria GRAPINI, Sergio GUTIÉRREZ PRIETO

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. ~~Is concerned~~Takes the view that low consumer trust in financial services ~~remains low, and calls on the Commission to bring forward measures~~stems from the behaviour of financial institutions themselves, since the 2007/2008 financial crisis, subsequent events in the retail banking sector in several Member States and the sector’s own direct and indirect involvement in tax avoidance and evasion schemes have been the engine driving this dissatisfaction and lack of trust; takes the view, therefore, that while it is important to improve consumer financial literacy~~, to~~ and increase the transparency of ~~these~~financial products, ~~and to remove consumer barriers to switching;~~ this situation will be reversed only with a change in the way financial institutions behave towards their customers, alongside an appropriate legal framework and strong regulatory bodies that uphold the interest of the people and of workers in the context of each Member State’s sovereignty;

Amendment 34 #

Draft opinion
Paragraph 4

4. ~~Is concerned that~~Stresses that greater consumer trust in financial services ~~remains low~~is needed, 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~~encourage the financial education of consumers so that they can take good decisions and act responsibly; expresses its concern for compliance with, and proper transposition of, obligations relating to the transparency of financial services; encourages the comparability of these products when it is possible, particularly by means of easy-to-use comparison websites;

Amendment 35 #

Dita CHARANZOVÁ, Antanas GUOGA

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~~assess whether existing rules on the transparency of retail financial products are efficient and sufficiently implemented and to increase financial education of customers, taking into account that for the consumer it is not important only to access an information but also to understand it;

Amendment 36 #

Draft opinion
Paragraph 4

4. Is concerned that consumer trust in financial services remains low, and calls on the Commission to ~~bring forward~~ensure that current measures towards improved consumer financial literacy and awareness are fully implemented, to increase the transparency of these products, and to remove consumer barriers to switching; underlines that the European Standardised Information Sheet (ESIS) and Standard European Consumer Credit Information forms should be systematically given to consumers before an agreement as part of a credit, loan or mortgage estimate;

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, ~~to increase~~better information-sharing by financial intermediaries by increasing the transparency of these products, and to remove consumer barriers to switching;

Amendment 38 #

Draft opinion
Paragraph 4

4. ~~Is concerned~~Deplores the fact that consumer trust in financial services remains low, and calls on the Commission to bring forward measures forthwith to improve consumer financial literacy, to increase the transparency of these products, and to remove consumer barriers to switching;

Amendment 39 #

Maria GRAPINI

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. ~~Wel~~Underscomres the Commission initiative, since opportunities ~~for~~relating to digitalisation, reducing market fragmentation and empowering consumers are crucial to achieving a genuine single market for retail financial services;

Amendment 40 #

Kaja KALLAS, Dita CHARANZOVÁ

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 #

Dita CHARANZOVÁ, Antanas GUOGA, Richard SULÍK, Robert ROCHEFORT, Lambert van NISTELROOIJ

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 #

Dita CHARANZOVÁ, Antanas GUOGA, Robert ROCHEFORT

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 ~~unjustified~~it is important to recall that businesses are not permitted to discriminatie on bagrounds of nationality, sedx onr re~~sidence 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 differen~~ligion and must comply with the requirements to avoid discrimination laid down in Article 14 of, and Protocol 12 to, the European Convention on Human Rights; suggests that comparison tools can help consumers to compare the prices and quality of the various goods and services;

Amendment 48 #

Dita CHARANZOVÁ, Antanas GUOGA, Lambert van NISTELROOIJ

Draft opinion
Paragraph 5

5. ~~Consider~~Believes that unjustified discrimination based on residence and price differences for common retail financial products between EU Member States requires that urgent action~~; suggests~~ be taken forthwith; takes the view that comparison tools play an important role in bringing down price differences;

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

6. Stresses that portability of products is essential for a real single market in retail financial services; calls on the 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;deleted

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 to ensure cross-border portability, harmonising the rights and obligations of businesses and consumers in the sector across the EU;

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. ~~Not~~Emphasises that rising numbers of cross- border transactions are increasing demand for information on personal financial data such as solvency in private agreements, and stresses the need for common rules on such exchanges of information, in compliance with data protection rules;

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), ~~especially cross-border, as efficient redress~~as efficient conflict resolution is key to the single market and consumer trust;

Amendment 59 #

Dita CHARANZOVÁ, Antanas GUOGA, Richard SULÍK, Kaja KALLAS, Robert ROCHEFORT, Lambert van NISTELROOIJ

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~~to the benefit of the single market and consumer trust;

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 #

Maria GRAPINI, Marlene MIZZI

Draft opinion
Paragraph 8

8. Emphasises the ~~importance of~~value of the availability of alternative dispute resolution (ADR) and online dispute resolution (ODR), especially cross-border, asince efficient redress is key to the single market and consumer trust;

Amendment 61 #

Draft opinion
Paragraph 8

Amendment 62 #

Dita CHARANZOVÁ, Antanas GUOGA, Robert ROCHEFORT, Lambert van NISTELROOIJ

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 #

Dita CHARANZOVÁ, Antanas GUOGA, Richard SULÍK, Kaja KALLAS, Robert ROCHEFORT, Lambert van NISTELROOIJ

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 #

Dita CHARANZOVÁ, Antanas GUOGA, Kaja KALLAS, Robert ROCHEFORT, Lambert van NISTELROOIJ

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 ~~for~~to suspend presentation of an action plan on retail financial services.

Amendment 66 #

Maria GRAPINI, Sergio GUTIÉRREZ PRIETO

Draft opinion
Paragraph 9

9. ~~Asks~~Looks to the Commission for an immediate and effective action plan on retail financial services.

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 #

Dita CHARANZOVÁ, Antanas GUOGA, Kaja KALLAS

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 #

Kaja KALLAS, Dita CHARANZOVÁ

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 #

Dita CHARANZOVÁ, Antanas GUOGA, Kaja KALLAS, Robert ROCHEFORT

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 #

Dita CHARANZOVÁ, Antanas GUOGA, Richard SULÍK, Kaja KALLAS, Lambert van NISTELROOIJ

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 #

Dita CHARANZOVÁ, Antanas GUOGA, Richard SULÍK, Kaja KALLAS

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 #

Dita CHARANZOVÁ, Antanas GUOGA, Richard SULÍK, Kaja KALLAS, Robert ROCHEFORT

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 #

Dita CHARANZOVÁ, Antanas GUOGA

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

2016/06/29 ECON 274 amendments...

Amendment 1 #

Motion for a resolution
Citation 7 a (new)

- having regard to the April 2016 European Insurance and Occupational Pensions Authority 'Opinion to EU Institutions on a Common Framework for Risk Assessment and Transparency for IORPs',

Amendment 10 #

Motion for a resolution
Recital A

A. whereas the dynamics of retail financial services markets in many Member States, featuring a combination of high concentration and inadequate competition, tend to result in limited choice and low value for money; and investors face a low interest rate environment and simultaneously many investment products with high costs, which results in more money going to financial intermediaries, and less to the real economy and retail investors;

Amendment 100 #

Marisa MATIAS, Dimitrios PAPADIMOULIS, Fabio DE MASI, Matt CARTHY

Motion for a resolution
Paragraph 6

6. Notes the increasing complexity of retail financial products; insists on the need to develop initiatives and instruments that allow consumers to identify safe and simple products within the range of products available to them; supports initiatives such as the Key Investment Information Document for undertakings for collective investments in transferrable securities (UCITS) and the Key Information Document for packaged retail and insurance-based investment products (PRIIPs); calls on the Commission to require Key Information Documents for all retail investment products;

Amendment 101 #

Motion for a resolution
Paragraph 6

6. Notes the increasing complexity of retail financial products; insists on the need to develop ~~initiatives and instruments that~~regulations that actively limit retail products' complexity, allowing consumers to ~~identify~~access safe and simple products ~~within the range of products available to them~~; supports initiatives such as the Key Investment Information Document for undertakings for collective investments in transferrable securities (UCITS) and the Key Information Document for packaged retail and insurance-based investment products (PRIIPs);

Amendment 102 #

Motion for a resolution
Paragraph 6

Amendment 103 #

Motion for a resolution
Paragraph 6 a (new)

6a. Notes the success of initiatives such as 'regulatory sandboxes' whereby regulators can work with innovative FinTech companies to provide a flexible framework for technologies to grow;

Amendment 104 #

Motion for a resolution
Paragraph 6 a (new)

6a. Emphasises that double or contradictory disclosure requirements must be avoided, in order not to create unnecessary red tape and not to confuse clients;

Amendment 105 #

Motion for a resolution
Paragraph 7

7. ~~Recalls~~Deplores the fact that none of the recent developments in the legislative framework for the banking sector~~, in particular the Bank Recovery and Resolution Directive and the Deposit Guarantee Schemes Directive; insists on the need to inform consumers fully about the impact of the new rule~~ has served to separate investment banking from retail banking, to prohibit retail banks – having granted loans – from selling them to investment banks, or to prohibit securitisation of assets;

Amendment 106 #

Motion for a resolution
Paragraph 7

7. ~~Recalls~~Takes note of the recent developments in the legislative framework for the banking sector, in particular the Bank Recovery and Resolution Directive (BRRD) and the Deposit Guarantee Schemes Directive~~; insists on the need to inform consumers fully about the impact of the new rules;~~ (DGSD); recalls that the new resolution regime introduced has resulted in some instruments offered to retail investors involving a higher risk of loss than under the previous regime, of which investors should be aware; insists on the need to inform consumers fully about the impact of the new rules; draws attention in this regard to the statement of the European Securities and Markets Authority (ESMA) of 2 June 20161a reminding firms of their responsibilities under the Markets in Financial Instruments Directive (MiFiD) when selling financial instruments subject to the BRRD resolution regime and calls for full and proper implementation of the guidelines set out therein; __________________ 1aStatement ESMA/2016/902 of 2 June 2016 “MiFiD practices for firms selling instruments subject to the BRRD resolution regime”.

Amendment 107 #

Motion for a resolution
Paragraph 7

7. Re~~call~~grets the recent developments in the legislative framework for the banking sector, in particular the Bank Recovery and Resolution Directive and the Deposit Guarantee Schemes Directive; insists on the need to inform consumers fully about the risks and the impact of the new rules; urges the Commission to consider the destabilising repercussions on financial stability and the economy caused by the implementation of the bail-in rules in the case of systemic failing banks; calls for the bail-in rules to be suspended in order to prevent losses caused by bad bank management or the shortcomings of regulation and supervision from being unfairly offloaded onto current-account holders, savers and investors; stresses, in this regard, the importance and urgency of carrying out an ambitious, structural bank reform based on a clear and effective separation between commercial banks and investment banks, in order to protect the deposits and savings of private individuals and to remove incentives for excessive risk-taking, thereby preventing the emergence of new financial crises, the burden of which has to be borne by taxpayers;

Amendment 108 #

Motion for a resolution
Paragraph 7

Amendment 109 #

Motion for a resolution
Paragraph 7

Amendment 11 #

Marisa MATIAS, Paloma LÓPEZ BERMEJO, Dimitrios PAPADIMOULIS, Fabio DE MASI, Matt CARTHY

Motion for a resolution
Recital A a (new)

Aa. whereas removing the barriers which prevent us from taking full advantage of a single retail financial services market would result in improved competition, which should in turn lead to a fall in prices, motivate companies to innovate and improve product choice and diversity; whereas a European retail financial services market would only be viable if it represented real added value for consumers;

Amendment 110 #

Motion for a resolution
Paragraph 7

7. Recalls the recent developments in the legislative framework for the banking sector, in particular the Bank Recovery and Resolution Directive and the Deposit Guarantee Schemes Directive; insists onthat the need to inform consumers fully about the impact of the new rules is not a substitute for effective product regulation, as the retail financial services market is characterised by extremely asymmetrical information;

Amendment 111 #

Motion for a resolution
Paragraph 7

Amendment 112 #

Motion for a resolution
Paragraph 7

Amendment 113 #

Motion for a resolution
Paragraph 7

7. Recalls the recent developments in the legislative framework for the banking sector, in particular the Bank Recovery and Resolution Directive and the Deposit Guarantee Schemes Directive; insists on the need to inform consumers fully about the impact of the new rules; points out that the sale of certain bailinable instruments to retail investors is highly problematic in terms of both, adequate consumer protection and ensuring the practical feasibility of a bailin and calls on the Commission to explore options to restrict such practice;

Amendment 114 #

Motion for a resolution
Paragraph 7

7. Recalls the recent developments in the legislative framework for the banking sector, in particular the Bank Recovery and Resolution Directive and the Deposit Guarantee Schemes Directive; insists on the need to inform consumers fully about the impact of the new rules; asks the Commission to check whether the Member States are correctly applying the directive on deposit-guarantee schemes;

Amendment 115 #

Motion for a resolution
Paragraph 7 a (new)

7a. Points out that a wide range of EU laws relevant for the single market in retail financial services has already been adopted, such as PSD2, the MIFs regulation, PAD, AMLD, the Mortgage Credit directive, IDD, IORP2; calls for full and harmonised implementation and application, avoiding duplication and overlaps;

Amendment 116 #

Motion for a resolution
Paragraph 7 a (new)

7a. Notes that a European retail financial services market will only be feasible if consumers benefit from the same legal protection throughout the EU; highlights the need to update and promote the 'FIN-NET' financial dispute resolution network;

Amendment 117 #

Sophia IN 'T VELD, Nils TORVALDS

Motion for a resolution
Paragraph 7 a (new)

7a. Notes that the lack of an Insurance Guarantee Scheme in some Member States has the potential to undermine consumer confidence and calls on the Commission to consider legislation to mandate Insurance Guarantee Scheme Coverage.

Amendment 118 #

Motion for a resolution
Paragraph 8

Amendment 119 #

Motion for a resolution
Paragraph 8

8. Stresses~~, not least given tha~~ that the financial inclusion perspective should always be kept in mind, also against othe~~rwise~~ background of positive digitisation processes could trigger exclusionary tendencies, that the financial inclusion perspective should always be kept in mind, and that measures should be taken to ensure that all consumers have access to at least the most essential financial services, as an instrument with which to combat social and economic exclusion and growing poverty, and as a tool to support start-ups and micro, small and medium-sized companies; stresses also that specific measures should be taken to ensure that all consumers, including disadvantaged and non-bankable people, have access to essential financial services that are appropriate for their requirements, under beneficial terms, in particular by strengthening micro-credit and micro- finance instruments, local cooperative banks, peer-to-peer lending and crowdfunding with a high social impact;

Amendment 12 #

Motion for a resolution
Recital A a (new)

Aa. whereas the European Parliament states in its resolution on consolidation in the financial services industry that 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;

Amendment 120 #

Motion for a resolution
Paragraph 8

8. Stresses~~, not least given that otherwise positive~~ the opportunity that digitalisation processes could trigger exclusionary tendencies, that the financial inclusion perspective should always be kept in mind, and that measures should be taken to ensure that all consumers have access to at least the most essential financial servicevides for financial services businesses and consumers;

Amendment 121 #

Sylvie GOULARD

Motion for a resolution
Paragraph 8

8. Stresses~~, not least given that otherwise positive digitisation processes could trigger exclusionary tendencies,~~ that the financial inclusion perspective should always be kept in mind, and that measures should be taken to ensure that all consumers have access to at least the most essential financial services;

Amendment 122 #

Motion for a resolution
Paragraph 8

8. Stresses, not least given that otherwise positive digitisation processes could trigger exclusionary tendencies, that the financial inclusion perspective and measures to ensure that consumers are better informed regarding financial matters should always be kept in mind, and that measures should be taken to ensure that all consumers have access to at least the most essential financial services;

Amendment 123 #

Motion for a resolution
Paragraph 8

8. Stresses, not least given that otherwise positive digitisation processes could trigger exclusionary tendencies, that the financial inclusion perspective should always be kept in mind, and that measures should be taken, in keeping with the principle of freedom of contract, to ensure that all consumers have access to at least the most essential financial services;

Amendment 124 #

Motion for a resolution
Paragraph 8

8. Stresses, not least given that otherwise positive digitisation processes could trigger exclusionary tendencies, that the financial inclusion perspective should always be kept in mind, and that measures should be taken to ensure that all ~~consum~~users have access to at least the most essential financial services, including a current account, an interest-bearing savings account and a payment card;

Amendment 125 #

Motion for a resolution
Paragraph 8

Amendment 126 #

Motion for a resolution
Paragraph 8

8. Stresses, not least given that otherwise positive digitisation processes could trigger exclusionary tendencies, that the financial inclusion perspective should always be kept in mind, and that measures should be taken to ensure that all consumers have access to at least the most essential financial services; specifically calls on the Commission to ensure that citizens continue to have access to best offers in the internal market also through non-digital channels to avoid financial exclusion;

Amendment 127 #

Motion for a resolution
Paragraph 8

8. Stresses, not least given that otherwise positive digitisation processes could trigger exclusionary tendencies, that the financial inclusion perspective should always be kept in mind, and that measures should be taken to ensure that all consumers have access to at least the most essential financial services; stresses that, to achieve that objective, it is crucial that there should be a range of marketing channels;

Amendment 128 #

Motion for a resolution
Paragraph 8 a (new)

8a. Observes that digitalisation can bring benefits for retail investors, such as easier comparability of products, better and easier access to cross-border investment and the ensuing fairer competition between providers as well as faster and easier registration and payment processes and resulting lower transaction costs, but can also pose challenges that cannot be ignored, such as ensuring compliance with know-your -customer (KYC), anti-money laundering (AMLD) and data protection requirements, as well as risks such as vulnerability of centralised systems to cyber-attacks; calls for emerging and current trends on financial markets and the resulting benefits and risks to be identified and monitored, using as a benchmark their likely impact on retail investors;

Amendment 129 #

Motion for a resolution
Paragraph 8 a (new)

8a. Warns that the Green Paper on retail financial services, while ostensibly seeking to reap the benefits of technological development, is proving to be a means of boosting the profits of large retail financial institutions, in particular by reducing operating and labour costs, as demonstrated by its key proposal that those companies should be allowed to offer their products in any Member State without having to be physically based there;

Amendment 13 #

Motion for a resolution
Recital Aa (new)

Aa. whereas it is essential to give the highest priority in the relevant Union legislation to the issues of access, effective competition and consumer protection in relation to the relatively small number of products that are actually necessary for participation in economic life;

Amendment 130 #

Motion for a resolution
Paragraph 8 a (new)

8a. Considers that structural changes under way in the financial sector – from the emergence of financial technology companies (fintechs) to mergers and takeovers – which could result in staff cuts and branch closures must be effected without any reduction in the quality of services to the most vulnerable, particularly elderly people and people living in rural or sparsely populated areas;

Amendment 131 #

Motion for a resolution
Paragraph 8 a (new)

8a. Points out that to boost cross- border financial business, interoperable e- identity tools are needed; points out that efforts in making authentication tools more accessible for consumers are often limited and varying much between Member States due to national laws;

Amendment 132 #

Marisa MATIAS, Paloma LÓPEZ BERMEJO, Dimitrios PAPADIMOULIS, Fabio DE MASI, Matt CARTHY

Motion for a resolution
Paragraph 8 a (new)

8a. Takes the view that current and savings accounts should not incur commission for users unless they are linked to specific services;

Amendment 133 #

Motion for a resolution
Paragraph 8 a (new)

8a. Notes that consumers' financial and non-financial data collected from different sources are being increasingly used by financial service providers for various purposes, in particular in credit and insurance sectors; stresses that the use of personal data and big data by financial service providers should comply with the EU data protection legislation, be strictly limited to what is necessary to provide the service and bring benefits to consumers; in this perspective, the demutualisation of risk in insurance triggered by the big data should be under close scrutiny;

Amendment 134 #

Marisa MATIAS, Dimitrios PAPADIMOULIS, Fabio DE MASI, Matt CARTHY

Motion for a resolution
Paragraph 8 b (new)

8b. Calls on the Commission to assess what information is needed and sufficient to conduct an appropriate creditworthiness assessment by the lender; based on the assessment, propose binding measures regulating the creditworthiness assessment process; scrutinise the relevance of private credit bureaus' activities related to collecting and processing consumer data in order to ensure that consumer rights are fully respected;

Amendment 135 #

Motion for a resolution
Paragraph 8 b (new)

8b. Stresses that access to cash via ATMs is an essential public service that must be provided without any discriminatory or unfair practices and must not, therefore, incur excessive costs;

Amendment 136 #

Motion for a resolution
Paragraph 8 b (new)

8b. Believes that the digitalisation, automatic translation services and an increase in digital infrastructure can help to remove market obstacles for financial institutions wishing to have a physical presence in another Member State;

Amendment 137 #

Motion for a resolution
Paragraph 8 b (new)

8b. Stresses the importance of financial education as a tool to protect and empower consumers; calls on access to independent financial education to be widened and facilitated;

Amendment 138 #

Motion for a resolution
Paragraph 8 c (new)

8c. Believes that in the context of digitalisation, the same rules should apply to the same businesses with the same risks so as to allow for healthy competition and preventing any form of regulatory arbitrage;

Amendment 139 #

Sophia IN 'T VELD, Enrique CALVET CHAMBON, Sylvie GOULARD

Motion for a resolution
Paragraph 8 d (new)

8d. Points out that banks have to comply with stricter rules than fintechs in areas such as customer identification and lending procedures; believes that legislation should be balanced to not hamper innovation;

Amendment 14 #

Motion for a resolution
Recital A a (new)

Aa. whereas the market for retail financial services in Europe remains highly fragmented, requiring urgent action to unlock the full potential of the Single Market;

Amendment 140 #

Motion for a resolution
Paragraph 9

Amendment 141 #

Marisa MATIAS, Miguel VIEGAS, Paloma LÓPEZ BERMEJO, Dimitrios PAPADIMOULIS, Fabio DE MASI, Matt CARTHY

Motion for a resolution
Paragraph 9

9. Notes that frontline employees at financial institutions have a crucial role to play in opening up retail services to all strands of society and to consumers all over Europe; points out that such employees should~~, in principle,~~ be given the training and time necessary to be able to ~~serve~~offer their customers ~~accurately, and should not be made subject to sales targets or inducements that could bias or distort their advice~~the products that are the most suitable for their requirements and preferences, providing accurate and truthful information on the associated risks and costs, and should not be made subject to sales targets or inducements that could bias or distort their advice; stresses the need to strengthen effective protection procedures for whistleblowers, in order to encourage bank employees to report to the authorities responsible any kind of pressure to which they might have been subjected with the aim of increasing sales volumes to the detriment of their customers;

Amendment 142 #

Motion for a resolution
Paragraph 9

9. Notes that frontline employees at financial institutions have a crucial role to play in opening up retail services to all strands of society and to consumers all over Europe; points out that such employees should, in principle, be given the training and time necessary to be able to serve their customers accurately, and ~~should~~ cannot be made subject to sales targets, incentives or inducements that could bias or distort their ~~advice~~service; notes that cross- selling and mis-selling of financial products and services are mainly caused by sales-driven remuneration of sales staff and intermediaries; stresses, however, that frontline employees are not and cannot be made responsible for product design and dishonest business strategies, much less for regulatory failures;

Amendment 143 #

Motion for a resolution
Paragraph 9

9. Notes that frontline employees at financial institutions have a crucial role to play in opening up retail services to all ~~strands of society and to consumers all over Europe~~consumers in the EU; points out that such employees should, in principle, be given the training and time necessary to be able to serve their customers accurately~~, and should not be made subject to sales targets or inducements that could bias or distort their advice~~;

Amendment 144 #

Motion for a resolution
Paragraph 9

Amendment 145 #

Motion for a resolution
Paragraph 9

9. Notes that frontline employees at financial institutions could, through information strategies, have a crucial role to play in opening up retail services to all strands of society and to consumers all over Europe; points out that such employees should, in principle, be given the training and time necessary to be able to serve their customers accurately, and should not be made subject to sales targets or inducements that could bias or distort their advice;

Amendment 146 #

Motion for a resolution
Paragraph 9

Amendment 147 #

Motion for a resolution
Paragraph 9

9. Notes that frontline employees at financial institutions have a crucial role to play in opening up retail services to all strands of society and to ~~consum~~users all over Europe; points out that such employees should, in principle, be given the training and time necessary to be able to serve their customers accurately, and should not be made subject to sales targets or inducements that could bias or distort their advice;

Amendment 148 #

Motion for a resolution
Paragraph 9

9. Notes that frontline employees at financial institutions have a crucial role to play in o~~pening up~~ffering retail services ~~to all strands of society and to consumers~~ all over Europe; points out that such employees should, in principle, be given the training and time necessary to be able to serve their retail customers accurately, and should not be made subject to undisclosed sales targets or inducements that could bias or distort their advice;

Amendment 149 #

Motion for a resolution
Paragraph 9

9. Notes that frontline ~~employee~~workers at financial institutions have a crucial role to play in opening up retail services to all strands of society and to consumers all over Europe; points out that such ~~employee~~workers should, in principle, be given the training and time necessary to be able to serve their customers accurately, and should not be made subject to sales targets or inducements that could bias or distort their advice;

Amendment 15 #

Motion for a resolution
Recital A b (new)

Ab. whereas a level playing field for new market entrants must be ensured and innovation facilitated;

Amendment 150 #

Motion for a resolution
Paragraph 9

9. Notes that frontline employees at financial institutions and financial service providers have a crucial role to play in opening up retail services to all strands of society and to consumers all over Europe; points out that such employees should, in principle and based on good labour conditions, be given the training, and time necessary to be able to serve their customers accurately, and should not be made subject to sales targets or inducements that could bias or distort their advice; notes that inappropriate cross- selling and mis-selling of financial products and services are mainly caused by sales-driven remuneration of sales staff and intermediaries, emphasizes that an improvement of advice requires especially a broader offer of standardised retail investment product, effective investor information documents for complex and simple products, and a strengthening of fee-based independent advice;

Amendment 151 #

Sander LOONES

Motion for a resolution
Paragraph 9

9. Notes that frontline employees at financial institutions and other financial services providers have a crucial role to play in opening up retail services to all strands of society and to consumers all over Europe; points out that such employees should, in principle, be given the training and time necessary to be able to serve their customers accurately, and should not be made subject to sales targets or inducements that could bias or distort their advice;

Amendment 152 #

Motion for a resolution
Paragraph 9

Amendment 153 #

Motion for a resolution
Paragraph 9 a (new)

9a. Takes the view, furthermore, that in widening the possibility of obtaining retail financial services at a distance, the aim is to bring about the closure of physical branches dealing with the public in person, which will detract from the quality of the service provided and lead to redundancies in the retail financial services sector; points out that remote service provision relies on customer support services staffed by subcontracting to temporary employment agencies, which are associated with insecure employment relationships, precarious working conditions, and low wages, and in which workers cannot obtain a contract with a service-providing firm, even when they have been working for that firm for several years;

Amendment 154 #

Motion for a resolution
Paragraph 9 a (new)

9a. Highlights that access to affordable and independent advice is key to sound investment decisions; observes that a supply of affordable, targeted financial advice, that would be narrower in scope than proper MiFiD-regulated investment advice, is currently lacking, in spite of the existing demand; takes note of the reflections conducted and initiatives taken in some Member States on the creation of such an intermediate service; calls on the Commission, Member States and market actors to identify, study and follow good practices and initiatives in this regard;

Amendment 155 #

Motion for a resolution
Paragraph 9 a (new)

9a. Points out the shortcoming in the national implementation of the MiFID II directive, which has led in many cases to labour-intensive reporting requirements for intermediaries, which do not effectively enhance consumer protection and go beyond MiFID II itself; calls for lessons to be learned from this experience;

Amendment 156 #

Motion for a resolution
Paragraph 9 a (new)

9a. Underlines that retail banking plays a decisive role in the proper transmission of monetary policy conditions to the market, particularly to consumers; highlights the importance of an appropriate monetary policy environment in order to promote consumers' long-term savings;

Amendment 157 #

Motion for a resolution
Paragraph 10

Amendment 158 #

Motion for a resolution
Paragraph 10

10. Emphasises that, 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;

Amendment 159 #

Motion for a resolution
Paragraph 10

10. Emphasises that, 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; notes that a consistent level of consumer protection regulation and supervision across all Member States is one of the main mandates conferred on the ESAs; is concerned that EBA reports that is has received very few direct mandates in Level 1 legislation to develop detailed requirements for any of the banking products that fall into its scope of action and that its member authorities could then enforce; further notes that consumer protection legislation for the financial sector is fragmented across a large number of Union legal acts (including MCD, PAD, PSD1/2, EMD, DGSD, MiFID I, IORPD, Solvency II, IMD, CRDIV and PRIIPs) with the focus being on products despite the fact that the sale of many financial products tends to be driven by consumer needs; calls on the Commission to explore the possibility of one, single harmonised Level-1 text on retail conduct and consumer protection rules in the financial sector;

Amendment 16 #

Marisa MATIAS, Miguel VIEGAS, Fabio DE MASI, Matt CARTHY

Motion for a resolution
Recital B

Amendment 160 #

Motion for a resolution
Paragraph 10 a (new)

10a. Points out that the main cause of the eurozone crisis and of the accumulation of excessive macro-economic and financial imbalances lies in the huge private capital flows, in particular mortgage credit and consumer credit, from the core countries towards the outlying countries, caused by the introduction of the single currency; calls, therefore, for appropriate consideration of the potentially destabilising and distorting effects that further liberalisation of retail financial services would have in a dysfunctional monetary union like that of the eurozone, fuelling excessive private foreign indebtedness in deficit countries in respect of surplus countries, thus amplifying the macroeconomic imbalances within the eurozone and promoting the further expansion of finance at the expense of the real economy;

Amendment 161 #

Motion for a resolution
Paragraph 10 a (new)

10a. Observes that there are still differences between electronic identification regulations and the know- your-customer and anti-money laundering requirements; notes that existing regulations require personal identification and personal evaluations to be carried out for customers to be accepted on a permanent basis; stresses that such requirements limit the development of fully digital financial services, raising significant barriers to the taking on of new consumers;

Amendment 162 #

Motion for a resolution
Paragraph 10 a (new)

10a. Deplores the unnecessarily long transposition periods often put into consumer protection-related legislation such as PAD, PRIIPS, MCD, PSD2 and the uneven level and speed of implementation that persists; calls on the Commission, as guardian of the Treaty, to propose and defend more ambitious implementation deadlines and take action against failures to respect them;

Amendment 163 #

Motion for a resolution
Paragraph 10 a (new)

10a. Believes at any rate that the adoption of the single currency by all Member States without exception would make the single market for retail financial services more efficient and coherent;

Amendment 164 #

Motion for a resolution
Paragraph 10 b (new)

10b. Believes it important to ensure the cross-border validity of financial services, including insurance;

Amendment 165 #

Motion for a resolution
Paragraph 11

11. Observes that the EU-level capacity for data collection and analysis in this field will probably need to be strengthened; notes that it will be necessary to give some of the most promising ideas in the Green Paper a broad and adequate empirical underpinning before it is possible to move on to legislative processes;deleted

Amendment 166 #

Motion for a resolution
Paragraph 11

11. ~~Observes that the EU-level capacity for data collection and analysis in this field will probably need to be strengthened; n~~Notes that it will be necessary to give some of the most promising ideas in the Green Paper a broad and adequate empirical underpinning before it is possible to move on to legislative processes;

Amendment 167 #

Motion for a resolution
Paragraph 11

11. Observes that the EU-level capacity for data collection and analysis in this field will probably need to be strengthened; notes that ~~it will be necessary to give some of the most promising~~some of the ideas in the Green Paper ~~a broad and adequate~~may require further empirical underpinning ~~before it is possible to move on to legislative processes~~;

Amendment 168 #

Motion for a resolution
Paragraph 11

11. Observes that the EU-level capacity for data collection and analysis in this field ~~will probably~~ needs to be strengthened; notes that it will be necessary to give some of the most promising ideas in the Green Paper a broad and adequate ~~empirical~~ underpinning before it is possible to move on to legislative processes;

Amendment 169 #

Motion for a resolution
Paragraph 11

11. Observes that the EU-level capacity for data collection and analysis in this field will probably need to be strengthened; calls on the Commission to follow a thorough methodology, making full use of the output of the ESA's monitoring work mandated in the EBA regulation, in order to identify benefits and risks of different innovations and any legislative action required to strike the right balance between them; notes that it will be necessary to give some of the most promising ideas in the Green Paper a broad and adequate empirical underpinning before it is possible to move on to legislative processes; stresses that methodologies and assumptions of such empirical work should be appropriately disclosed;

Amendment 17 #

Motion for a resolution
Recital B

B. whereas tha genuine fEur~~ther development of the~~opean internal market for retail financial services ~~market at EU level would not only facilitate important and fruitful cross-border activity, but would also open up greater scope for healthy competition at national level~~has huge potential for providing consumers with better financial services and products, more choice and improved access to financial services and products, and lower rates;

Amendment 170 #

Motion for a resolution
Paragraph 11 a (new)

11a. Stresses that digitalisation will facilitate access to the data necessary for consumers to be aware of risks, and will ensure greater transparency and a better service;

Amendment 171 #

Motion for a resolution
Paragraph 11 a (new)

11a. Calls on the Commission to address the issue of mis-selling of financial products and services; in particular calls on the Commission to monitor closely the implementation of new rules under MiFID II, which ban commissions for independent financial advisers and restrict their use for non- independent advisers, and on the basis of that monitoring to consider whether those restrictions might need to be tightened, or a full ban of all inducements introduced;

Amendment 172 #

Motion for a resolution
Paragraph 11 a (new)

11a. Emphasises the need to focus on the removal of undue statutory barriers towards the cross-border provision of financial services;

Amendment 173 #

Motion for a resolution
Paragraph 12

12. ~~Emphasises tha~~Proposes a review as to whether and to what extent the enforcement of EU and national financial and consumer legislation needs to be strengthened; stresses that the European Supervisory Authorities should step up their activities on consumer issues and that the agencies responsible in a number of Member States should start to work more actively and competently in this field further;

Amendment 174 #

Motion for a resolution
Paragraph 12

12. Emphasises that the enforcement of EU and national ~~financial and consumer~~ legislation needs to be strengthened; stresses that the European Supervisory Authorities should ~~step up their activities on consumer issues and that the agencies responsible in a number of Member States should start to work more actively and competent~~work more actively in this field;

Amendment 175 #

Motion for a resolution
Paragraph 12

12. Emphasises that the enforcement of ~~EU and national financial and~~ consumer legislation needs to be strengthened; stresses that the European Supervisory Authorities should step up their activities on consumer issues and that the agencies responsible in a number of Member States should start to work more actively and competently in this field;

Amendment 176 #

Motion for a resolution
Paragraph 12

12. Emphasises that the enforcement of EU and national financial and consumer legislation needs to be strengthened; stresses that the European Supervisory Authorities should step up their activities on ~~consumer issue~~issues affecting savers, small investors and users and that the agencies responsible in a number of Member States should start to work more actively and competently in this field;

Amendment 177 #

Motion for a resolution
Paragraph 12

Amendment 178 #

Motion for a resolution
Paragraph 12

12. Emphasises 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 of this across member states; stresses that the European Supervisory Authorities should step up their activities on consumer issues and that the agencies responsible in a number of Member States should start to work more actively and competently in this field; stresses the importance of national competent authorities in charge of consumer protection having enough funding and staff to carry out their mandate effectively and asks the Commission to ensure this; emphasizes that alternative dispute resolution mechanisms should be independently funded and have independent management structures;

Amendment 179 #

Motion for a resolution
Paragraph 12

12. Emphasises that the enforcement of EU and national financial and consumer legislation needs to be strengthened; stresses that the European Supervisory Authorities should step up their activities on consumer issues and that the agencies responsible in a number of Member States should start to work more actively and competently in this field; calls on the Commission to consider omnibus legislation to move from the current patchwork towards the completion of a solid consistent consumer transparency framework, including supervisory convergence between member states; calls on the Commission to extend the ESAs' consumer protection mandate in the framework of the upcoming review of the funding and governance of the ESAs; mandate the ESAs to lead the work on convergence of the conduct-of-business supervision practices between Member States;

Amendment 18 #

Motion for a resolution
Recital B

B. whereas the further development of the retail financial services market ~~at EU level would not only facilitate~~is a matter for the private sector, and whereas rules adopted at EU level are standing in the way of important and fruitful cross- border activity~~, but would also open up greater scope for healthy competition at national level~~;

Amendment 180 #

Motion for a resolution
Paragraph 12

12. Emphasises that the enforcement of EU and national financial and consumer legislation needs to be strengthened; notes, at the same time, that the volume of legislation on retail financial services has expanded significantly in recent years with the aims of improving prudential stability, strengthening consumer protection and restoring confidence in the sector; stresses that the European Supervisory Authorities should step up their activities on consumer issues and that the agencies responsible in a number of Member States should start to work more actively and competently in this field; calls on Member State supervisory authorities to conduct exchanges of good practice to ensure that retail financial services legislation is applied in a way that safeguards fair competition;

Amendment 181 #

Motion for a resolution
Paragraph 12

12. Emphasises that the enforcement of EU and national financial and consumer legislation needs to be strengthened; is of the opinion in general that there should first be effective and complete implementation of existing legislation, together with an assessment of the impact of laws adopted in recent years, before fresh legislative initiatives are put in hand; stresses that the European Supervisory Authorities should step up their activities on consumer issues and that the agencies responsible in a number of Member States should start to work more actively and competently in this field;

Amendment 182 #

Pervenche BERÈS

Motion for a resolution
Paragraph 12

Amendment 183 #

Tibor SZANYI

Motion for a resolution
Paragraph 12

12. Emphasises that the enforcement of EU and national financial and consumer legislation needs to be strengthened and that these need to be brought into line with each other where possible; stresses that the European Supervisory Authorities should step up their activities on consumer issues and that the agencies responsible in a number of Member States should start to work more actively and competently in this field;

Amendment 184 #

Motion for a resolution
Paragraph 12

Amendment 185 #

Motion for a resolution
Paragraph 12 a (new)

12a. Urges the Commission to play a more proactive role in using the Capital Markets Union to support the growing Sustainable and Responsible Investment (SRI) market by promoting sustainable investments , effective and standardised Environmental, Social and Governance (ESG) criteria and the adequate reflection of such criteria in investment management systems and disclosure standards as in IORPD; further urges the Commission to promote ESG "rating services" and a consistent framework for the green bonds market;

Amendment 186 #

Motion for a resolution
Paragraph 12 a (new)

12a. Calls on the Commission, in the procedure linked to the planned White Paper on the ESAs' funding and governance, to have a particular focus on ensuring 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; observes that one could, in this context, consider broadening their mandates as regards supervisory convergence or cooperation between home and host national authorities;

Amendment 187 #

Motion for a resolution
Paragraph 12 a (new)

12a. Stresses that further legislative action to improve the transparency and comparability of financial products at the EU level is not necessary at this stage; highlights that future regulation should be flexible enough to accommodate technological advances and backed by a rigorous impact assessment that factors in behavioural research;

Amendment 188 #

Motion for a resolution
Paragraph 12 a (new)

12a. Calls on the Commission to introduce a framework for the introduction of simple and safe financial products and an obligation for financial service providers to perform product suitability checks before selling a product;

Amendment 189 #

Motion for a resolution
Paragraph 12 a (new)

12a. Calls for the European Supervisory Authorities to be tasked as single regulators for retail financial services, including a responsibility for ESMA to approve prospectuses and to control market abuse;

Amendment 19 #

Marisa MATIAS, Paloma LÓPEZ BERMEJO, Dimitrios PAPADIMOULIS, Fabio DE MASI, Matt CARTHY

Motion for a resolution
Recital Β

Β. whereas the further development of the retail financial services market at EU level wcould ~~not only~~ facilitate important and fruitful cross-border activity~~, but woul~~ and also open up greater scope for healthy competition at both national and European level;

Amendment 190 #

Motion for a resolution
Paragraph 12 a (new)

12a. Calls on the Commission to introduce simple and standardised product rules, default options in different product categories, and the obligation to perform a horizontal product suitability check that all financial providers and intermediaries should apply; Compliance with these rules should be confirmed by regulator before a financial product or service can be sold to the consumer;

Amendment 191 #

Marisa MATIAS, Paloma LÓPEZ BERMEJO, Dimitrios PAPADIMOULIS, Fabio DE MASI, Matt CARTHY

Motion for a resolution
Paragraph 12 b (new)

12b. Calls on the Commission to address the issue of mis-selling of financial products and services; introduce a full ban on cross-selling, (except specific cases defined by European regulations) commissions and inducements for sales of investment products;

Amendment 192 #

Motion for a resolution
Paragraph 13

Amendment 193 #

Marisa MATIAS, Paloma LÓPEZ BERMEJO, Fabio DE MASI

Motion for a resolution
Paragraph 13

Amendment 194 #

Motion for a resolution
Paragraph 13

Amendment 195 #

Motion for a resolution
Paragraph 13

13. Calls for the Commission to 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 sectorWelcomes that the Geo-blocking Regulation excluded financial services given their complexities; however, calls for the Commission to carry out a consultation with Member States and stakeholders to establish where refusal to provide financial services is justified and where it is not; stressing that firms should not be compelled to offer services where it is not commercially viable to do so;

Amendment 196 #

Sander LOONES

Motion for a resolution
Paragraph 13

13. Calls for the Commission to intensify its work against discrimination on grounds of residence in the European market on retail financial services and, if ~~necessary~~possible, to complement the ~~planned general~~recently published proposals to end unjustified geo- blocking with further ~~legislative~~targeted initiatives ~~target~~designed specifically atfor the financial sector;

Amendment 197 #

Motion for a resolution
Paragraph 13

13. Calls ~~for~~on the Commission to 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;

Amendment 198 #

Motion for a resolution
Paragraph 13

13. Calls for the Commission to ~~intensify its work against~~examine the evidence of 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; once all the EU rules on retail financial services have been fully implemented and subjected to monitoring and analysis; notes that a range of basic factors affecting retail financial services, such as different social insurance, tax and health systems and different rules on contracts and consumer protection, etcetera, can result in differences between the types of service offered in each Member State; calls on the Commission to take into consideration the range of sectors, products and services involved in connection with the use of the term ‘geo- blocking’; recognises that geographical information, including place of residence, has to be taken into account in the provision of certain financial services such as insurance because it affects very significant aspects of many insurance products;

Amendment 199 #

Motion for a resolution
Paragraph 13

13. Calls for the Commission to 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; stresses the need to take into account the necessarily geographically constrained role of local, real economy-oriented banking; calls for an initiative for a simple and strong regulatory framework for small banks ("a small banking box") in the course of the review of CRD/R IV;

Amendment 2 #

Motion for a resolution
Citation 17 a (new)

- having regard to the report of the European Parliament "on stocktaking and challenges of the EU Financial Services Regulation: impact and the way forward towards a more efficient and effective EU framework for Financial Regulation and a Capital Markets Union" (2015/2106(INI)),

Amendment 20 #

Motion for a resolution
Recital B

B. whereas the further development of the retail financial services market at EU level would not only facilitate important and fruitful cross-border activity, but ~~would~~might also open up greater scope for ~~healthy~~increased competition at national level; whereas the impact of competition on prices will vary according to sector and product;

Amendment 200 #

Motion for a resolution
Paragraph 13

13. Calls for the Commission to 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; in particular, rejects the requirement for users to be based in the Member State in which the financial institution or insurance company is domiciled for the purposes of service provision;

Amendment 201 #

Motion for a resolution
Paragraph 14

Amendment 202 #

Motion for a resolution
Paragraph 14

Amendment 203 #

Motion for a resolution
Paragraph 14

14. Urges the Commission, inter alia on the basis of the structure of the Payment Accounts Directive (PAD) and the European Insurance and Occupational Pensions Authority’s analysis of the insurance sector, to put together a step-by-step action plan for building a well-organised and easy-to-use EU comparison portal covering most or all parts of the retail financial servicesCalls for a well-organised and easy-to-use EU comparison portal covering most or all parts of the retail financial services market; sees - should that be set up - profit-making opportunities for any privately funded undertaking that plugs this gap in the market;

Amendment 204 #

Motion for a resolution
Paragraph 14

14. Urges the Commission~~, inter alia on the basis of the structure of the Payment Accounts Directive (PAD) and the European Insurance and Occupational Pensions Authority’s analysis of the insurance sector,~~ to put together a ~~step-by-step~~n action plan for building a ~~well-organised and~~n easy-to-use EU comparison portal covering most or all parts of the retail financial services market;

Amendment 205 #

Motion for a resolution
Paragraph 14

14. Urges the Commission, inter alia on the basis of the structure of the Payment Accounts Directive (PAD) and the European Insurance and Occupational Pensions Authority’'s analysis of the insurance sector, to put together a step-by- step action plan for building and promoting a well- organised and easy-to- access-and-use EU comparison portal covering most or all parts of the retail financial services market; which should however not only be focused on price levels but also the quality of the service by taking into consideration other criteria such as availability of branch networks, face to face contacts and sustainability of business practices;

Amendment 206 #

Werner LANGEN

Motion for a resolution
Paragraph 14

14. Urges the Commission, inter alia on the basis of the structure of the Payment Accounts Directive (PAD) ~~and~~, the European Insurance and Occupational Pensions Authority’s analysis of the insurance sector~~, to put together~~ and its own in-depth analysis, to put together, in so far as this is necessary and appropriate, a step-by- step action plan for building a well- organised and easy-to-use EU comparison portal covering most or all parts of the retail financial services market, bearing in mind the fact that only similar products can be compared without annoying consumers;

Amendment 207 #

Sander LOONES

Motion for a resolution
Paragraph 14

14. Urges the Commission, inter alia on the basis of the structure of the Payment Accounts Directive (PAD) and the European Insurance and Occupational Pensions Authority’'s analysis of the insurance sector, to ~~put together a step-by- step action plan for building~~set up a well- organised and easy-to-use EU comparison portal covering most or all parts of the retail financial services market; considers that this portal should map, based on predetermined quality criteria, successful private cross border comparison websites;

Amendment 208 #

Motion for a resolution
Paragraph 14

14. Urges the Commission, inter alia on the basis of the structure of the Payment Accounts Directive (PAD) and the European Insurance and Occupational Pensions Authority’s analysis of the insurance sector, to put together a step-by- step action plan for building a well- organised and easy-to-use EU comparison portal covering most or all parts of the retail financial services market; emphasises that comparison tools must be accurate and of relevance to consumers and must focus not only on the prices of products but also on their quality;

Amendment 209 #

Motion for a resolution
Paragraph 15

15. Calls on the Commission, inter alia with reference to the PAD, to map the rules, practices and non-practices that apply to domestic and cross-border switching in all parts of the European retail financial services market, and to present a coherent and comprehensive strategy for making switching easier for the consumer;deleted

Amendment 21 #

Motion for a resolution
Recital B

B. whereas the further development of the retail financial services market at EU level, with the appropriate legislative framework imposing the needed consumer protection, would not only facilitate important and fruitful cross- border activity, but would also open up greater scope for healthy competition at national level;

Amendment 210 #

Motion for a resolution
Paragraph 15

15. Calls on the Commission, inter alia with reference to the PAD, to map the rules, practices and non-practices that apply to domestic and cross-border switching in all parts of the European retail financial services market, and to present a coherent and comprehensive strategy ~~for~~which while taking into account the different financial market models, mak~~ing~~es switching service providers and products easier for the consumer;

Amendment 211 #

Motion for a resolution
Paragraph 15

15. Calls on the Commission, inter alia with reference to the PAD, to map the rules, practices and non-practices that apply to domestic and cross-border switching in ~~all~~relevant parts of the European retail financial services market, and to present a coherent and comprehensive strategy for ~~making switching easier for the consumer~~enabling consumers to make an informed choice;

Amendment 212 #

Motion for a resolution
Paragraph 15

Amendment 213 #

Motion for a resolution
Paragraph 15

Amendment 214 #

Motion for a resolution
Paragraph 15 a (new)

15a. Urges the Commission and the Member States to strengthen the Alternative Dispute Resolution (ADR) structures linked to the retail financial services market by making sure that ADR bodies are truly independent, by making certain that these bodies are adhered to by all actors in the market and by taking measures to ensure that FIN-NET is made more efficient and well-known to consumers;

Amendment 215 #

Motion for a resolution
Paragraph 16

16. Asks the Commission to investigate further the confusing and sometimes misleading practices with which consumers are faced when making card payments involving currency conversion, and to present a coherent solution that would make it possible, including in practice, for the consumer to understand and control the situation fully;deleted

Amendment 216 #

Marisa MATIAS, Paloma LÓPEZ BERMEJO, Dimitrios PAPADIMOULIS, Fabio DE MASI, Matt CARTHY

Motion for a resolution
Paragraph 16

16. Asks the Commission to investigate further the confusing and sometimes misleading practices with which consumers are faced when making card payments and ATM withdrawals involving currency conversion, and to present a coherent solution that would make it possible, including in practice, for the consumer to understand and control the situation fully; calls on the Commission to investigate if dynamic currency conversion practices (DCC) have negative consequences for the consumer without bringing any benefits and to consider banning DCC if that proves to be the case;

Amendment 217 #

Tibor SZANYI

Motion for a resolution
Paragraph 16

Amendment 218 #

Motion for a resolution
Paragraph 16

Amendment 219 #

Motion for a resolution
Paragraph 16

16. Asks the Commission to investigate further the confusing and ~~sometimes~~ misleading practices with which consumers are faced when making card payments involving currency conversion, and to present a coherent solution that would make it possible, including in practice, for the consumer to understand and control the situation fully;

Amendment 22 #

Motion for a resolution
Recital B

B. whereas the further development of the retail financial services market at EU level would not only facilitate important and fruitful cross-border activity, but would also open up greater scope for healthy competition at national level; whereas the Green Paper of the European Commission mainly focuses on financial services for citizens who are looking for cross-border services; whereas it is important that new proposals benefit EU consumers across the entire internal market to ensure that the retail financial services market works for everyone;

Amendment 220 #

Motion for a resolution
Paragraph 16 a (new)

16a. Reminds the Commission that financial institutions continue to cancel payment cards if the holder moves to another Member State, and calls for action to be taken in this respect, including by alerting national authorities;

Amendment 221 #

Motion for a resolution
Paragraph 17

17. Urges the Commission and the Member States, by working ~~carefully~~ on the implementation of the eIDAS Regulation and the new anti-money laundering legislation, inter alia, to create ~~– as should be entirely feasible~~ – a general environment in which robust security requirements are combined with fair and simple procedures for consumers to identify themselves, and facilitate EU wide cross-border digital onboarding;

Amendment 222 #

Motion for a resolution
Paragraph 17

Amendment 223 #

Motion for a resolution
Paragraph 17

Amendment 224 #

Motion for a resolution
Paragraph 17

Amendment 225 #

Michael THEURER

Motion for a resolution
Paragraph 17

Amendment 226 #

Motion for a resolution
Paragraph 17

17. UCalls on the Commission to promote the mutual recognition and interoperability of digital identification techniques, without affecting the level of security of existing systems; therefore urges the Commission and the Member States, by working carefully on the implementation of the eIDAS Regulation and the new anti-money laundering legislation, inter alia, to create – as should be entirely feasible – a general environment in which robust security requirements are combined with fair and simple procedures for consumers to identify themselves; also asks the Commission and the Member States to identify and remove regulatory barriers to the use of electronic signature systems for subscribing to financial services;

Amendment 227 #

Motion for a resolution
Paragraph 17

Amendment 228 #

Motion for a resolution
Paragraph 17

17. Urges the Commission and the Member States, by working carefully on the implementation of the eIDAS Regulation and the new anti-money laundering legislation, inter alia, to create – as should be entirely feasible – a general environment in which robust security requirements are combined with fair and simple procedures for consumers to identify themselves; Notes that a standardised online non-face-to-face identification could promote the provision of cross-border financial services and allow consumers to benefit from price reduction and increased choice; underlines that it is crucial to ensure appropriate data protection and redress procedures to ensure adequate consumer protection as well as effective identification to fulfil the requirements of the EU anti-money laundering framework;

Amendment 229 #

Sophia IN 'T VELD, Nils TORVALDS, Enrique CALVET CHAMBON, Sylvie GOULARD

Motion for a resolution
Paragraph 17 a (new)

17a. Urges the Commission to provide a legislative proposal to make the 4th Anti Money Laundering Directive fit for the digital era, helping to boost cross-border sales of retail financial services and reducing enhanced restrictive obligations; believes that varying interpretations of one and the same legal text, leading to gold plating, creates a particular obstacle to introduce the financial industry in the Digital Single Market;

Amendment 23 #

Motion for a resolution
Recital B a (new)

Ba. whereas we should remain ambitious in breaking down national barriers and curbing the existing protectionist tendencies that block innovation in retail financial services; whereas a true single market will make the EU attractive as the hub for innovative financial services;

Amendment 230 #

Motion for a resolution
Paragraph 17 a (new)

17a. Points out that the potentially transformative impact of distributed ledger technology necessitates the build- up of regulatory capacity so as early to identify potential systemic risks and challenges to consumer protection; therefore calls on the Commission to create a horizontal task force closely to monitor risks and to help address them in a timely manner;

Amendment 231 #

Motion for a resolution
Paragraph 18

18. Calls on the Commission, in close cooperation with the Member States, to draw up a plan for establishing a coordinated network of national ‘one-stop shops’ that would assist retail financial firms wishing to make better use of cross- border business opportunities;deleted

Amendment 232 #

Motion for a resolution
Paragraph 18

Amendment 233 #

Motion for a resolution
Paragraph 18

18. Calls on the Commission, in close cooperation with the Member States, to ~~draw up a plan for establishing~~continue enhancing the Points of Single Contact, established under the services Directive and SOLVIT to form a coordinated network of national ‘'one-stop shops~~’ that would~~' which will assist retail financial firms wishing to make better use of cross- border business opportunities;

Amendment 234 #

Motion for a resolution
Paragraph 18

18. Calls on the Commission~~, in close cooperation with the~~ and Member States, to draw up a plan for establishing a coordinated network of national ‘one-stop shops’ that would assist retail financial firms wishing to make better use of cross- border business opportunities;

Amendment 235 #

Motion for a resolution
Paragraph 18 a (new)

18a. Calls on the Commission to assess the impact of any legislation related to the financial sector before taking further legislative measures;

Amendment 236 #

Motion for a resolution
Paragraph 18 a (new)

18a. Believes that providing complex product information in 24 official EU languages, which has to be navigated within European and national laws on information duties, hampers cross-border business, as the consumer is only informed if he is able to process the amount of information and is not overloaded; asks for a framework that specifies EU-wide standards of clarity, simplicity and transparency of the information provided to customers so that they are really enabled to take informed decisions;

Amendment 237 #

Motion for a resolution
Paragraph 18 a (new)

18a. Calls on the Commission to follow up on EIOPAs proposal for a Common Framework for Risk Assessment and Transparency for IORPs, in order to promote a sound pillar 2 system across the Union, comparability of schemes and contribute to a better understanding of the benefits and risks to consumers by regulators, supervisors and consumers themselves;

Amendment 238 #

Motion for a resolution
Paragraph 18 a (new)

18a. Calls on the Commission to examine new approaches with the potential to give companies greater regulatory flexibility to experiment and be able to innovate, while maintaining high levels of consumer protection and safety;

Amendment 239 #

Pervenche BERÈS

Motion for a resolution
Paragraph 18 a (new)

18a. Asks the Commission to put forward a legislative proposal on the creation of a 'EU savings account' in order to unlock long-term financing and support ecological transition in Europe;

Amendment 24 #

Motion for a resolution
Recital B a (new)

Ba. whereas on the demand side, the provision of retail financial services is to a large extent a local business;

Amendment 240 #

Motion for a resolution
Paragraph 18 a (new)

18a. Urges the Commission to put forward proposals for harmonisation and cross border applicability of the assessment procedure for creditworthiness conducted by the lender;

Amendment 241 #

Motion for a resolution
Paragraph 18 b (new)

18b. Emphasises the need for a competitive European retail financial services market; highlights the stock taking exercise of the financial services framework by the Commission and calls on her and the European Supervisory Authorities to pursue a legislative and regulatory framework which is coherent, consistent, proportionate, non-duplicative and free of superfluous complexity; considers that this should support retail financial services providers in further improving quality and choice of their products and services and safeguarding financial inclusion;

Amendment 242 #

Motion for a resolution
Paragraph 18 b (new)

18b. Urges the Commission to clarify the use of the general good provisions, which currently could be vicariously used by Member States to block new products into their market, and to empower the ESAs to become an active mediator between Member States when there are countering interpretations on its use;

Amendment 243 #

Motion for a resolution
Paragraph 18 b (new)

18b. Stresses the need to encourage retail financial services providers to finance projects associated with innovation and the environment; points out that an approach similar to that of the SME supporting factor could be considered;

Amendment 244 #

Sophia IN 'T VELD

Motion for a resolution
Paragraph 18 c (new)

18c. Calls on the Commission to ensure the independence of national ADR schemes and that financial service providers adhere to one or more ADR bodies in each Member State; furthermore, urges the Commission, following the planned evaluation of the implementation of Recommendation on collective redress to look into the possibility for introducing European system of collective redress;

Amendment 245 #

Sophia IN 'T VELD, Nils TORVALDS, Enrique CALVET CHAMBON, Sylvie GOULARD

Motion for a resolution
Paragraph 18 c (new)

18c. Stresses the need to raise consumers’ awareness of investment options;

Amendment 246 #

Motion for a resolution
Paragraph 18 d (new)

18d. Urges the Commission to map the obstacles to internal market in retail finance stemming from different consumer protection, taxation and labour law provisions across Member States; furthermore, urges the Commission following the assessment to come up with concrete proposals for eliminating identified barriers by July, 2017;

Amendment 247 #

Motion for a resolution
Paragraph 18 e (new)

18e. Urges the Commission to investigate into possibility of introducing a 29th regime for retail financial products in the absence of harmonised national rules; furthermore calls on the Commission to look into the possibility of creating standardised pan-European financial products based on PEPP-model;

Amendment 248 #

Marisa MATIAS, Paloma LÓPEZ BERMEJO, Fabio DE MASI, Matt CARTHY

Motion for a resolution
Paragraph 18 f (new)

18f. Urges the Commission to use regulations instead of directives when formulating legislative proposals in the field of retail financial services in order to avoid 'gold plating' and protectionist national tendencies, foreclosing national markets to the detriment of both businesses and consumers;

Amendment 249 #

Motion for a resolution
Subheading 2

~~Long-term considerations~~deleted

Amendment 25 #

Motion for a resolution
Recital C

C. whereas - according to the consultation of the European Commission on the Green Paper on Retail Financial Service - the reasons for the low demand of consumers for retail financial services include language barriers, lack of trust due to distance selling, lack of knowledge about products available in other Member States, difficulty in accessing to information, lack of knowledge and trust in consumer redress mechanisms in other Member States, and lack of confidence in secure online payments and data protection; whereas the rapid transformation brought about by digitisation and fintech innovation not only creates new and often better financial products for consumers, but also involves key challenges in terms of security, data protection, consumer protection and taxation; whereas while many services are moving online it is important to ensure that no one is left behind and that access should also be provided through non- digital channels where necessary;

Amendment 250 #

Motion for a resolution
Paragraph 19

19. Asks the Commission to study further the benefits and costs of guaranteeing domestic and cross-border portability in various parts of the retail financial services market (for example as regards insurance products and bank account numbers);deleted

Amendment 251 #

Marisa MATIAS, Paloma LÓPEZ BERMEJO, Fabio DE MASI

Motion for a resolution
Paragraph 19

Amendment 252 #

Motion for a resolution
Paragraph 19

Amendment 253 #

Sophia IN 'T VELD, Nils TORVALDS, Enrique CALVET CHAMBON, Sylvie GOULARD

Motion for a resolution
Paragraph 19

19. Asks the Commission to study further the benefits and costs of ~~guarantee~~enhancing domestic and cross-border portability in various parts of the retail financial services market (for example as regards insurance products ~~and bank account numbers~~);

Amendment 254 #

Motion for a resolution
Paragraph 19

19. Asks the Commission to study further the ~~benefits and costs of guaranteeing~~options for domestic and cross- border portability in various parts of the retail financial services market ~~(for example as regards insurance products and bank account numbers)~~and come up with concrete proposals until the beginning of 2018;

Amendment 255 #

Motion for a resolution
Paragraph 19

19. Asks the Commission to study further the feasibility, relevance, benefits and costs of ~~guaranteeing~~ domestic and cross-border portability in various parts of the retail financial services market (for example as regards insurance products and bank account numbers);

Amendment 256 #

Motion for a resolution
Paragraph 19

19. Asks the Commission to study further the benefits and costs of removing all barriers towards 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 insurance products and bank account numbers);

Amendment 257 #

Motion for a resolution
Paragraph 19

19. Asks the Commission to study further the benefits and costs of guaranteeing domestic and cross-border portability in various parts of the retail financial services market (for example as regards pension and insurance products and bank account numbers);

Amendment 258 #

Motion for a resolution
Paragraph 19 a (new)

19a. Notes the initiative taken by the Commission in studying the feasibility of a standardised pan-European personal pension product; takes note of the final report by the European Insurance and Occupational Pensions Authority (EIOPA) on public consultation No CP- 15/006 on creating a standardised pan- European personal pension product; underscores the need, when examining the possible introduction of a standardised pan-European personal pension product, to respect Member States’ standards for pension products;

Amendment 259 #

Motion for a resolution
Paragraph 19 a (new)

19a. Takes the view that the proposals set out in the Green Paper will help to create a pan-European oligopoly in the retail financial services sector; calls on the European Commission, therefore, to refrain from submitting an action plan on retail financial services;

Amendment 26 #

Motion for a resolution
Recital C

C. whereas the rapid transformation brought about by digitisation and fintech innovation not only creates new and often better financial products for consumers, including by means of lowering transaction costs and easing the access to finance, but also involves key challenges in terms of security, data protection, consumer protection and taxation which ought to be monitored closely in order to maximize citizens' benefits;

Amendment 260 #

Motion for a resolution
Paragraph 19 a (new)

19a. Calls on the Commission and the ESAs to work on the creation of a European Consumer Protection Authority to achieve a standard effective consumer protection throughout the European Single Market and to enhance investors and consumers trust in European financial services;

Amendment 261 #

Motion for a resolution
Paragraph 19 a (new)

19a. Urges the commission to create real interoperability of different national systems to manage electronic identities so as to create a base for establishing a European digital ID usable for all EU citizens when accessing financial services;

Amendment 262 #

Motion for a resolution
Paragraph 20

20. Encourages the Commission, while ensuring financial stability, to move forward in creating a stronger single market for mortgages and consumer credit, but to do so carefully, balancing privacy and data protection concerns with improved cross-border access to better- coordinated credit databases and making sure that credit-related incidents whereby consumers have been unreasonably exposed to currency exchange risks are not repeated;deleted

Amendment 263 #

Marisa MATIAS, Paloma LÓPEZ BERMEJO, Fabio DE MASI, Matt CARTHY

Motion for a resolution
Paragraph 20

20. Encourages the Commission, while ensuring financial stability, to move forward in creating a stronger single market for mortgages and consumer credit, but to do so carefully, balancing privacy and data protection concerns with improved cross-border access to better- coordinated credit databases and making sure that credit-related incidents whereby consumers have been unreasonably exposed to currency exchange risks are not repeated;deleted

Amendment 264 #

Motion for a resolution
Paragraph 20

20. Encourages the Commission, while ensuring financial stability, to move forward in creating a stronger single market for mortgages and consumer credit, but to do so carefully, balancing privacy and data protection concerns with improved cross-border access to better- coordinated credit databases and making sure that credit-related incidents whereby consumers have been unreasonably exposed to currency exchange risks are not repeated;deleted

Amendment 265 #

Motion for a resolution
Paragraph 20

20. Encourages the Commission, while ensuring financial stability, to move forward in creating a stronger single market for mortgages and consumer credit, but to do so carefully, balancing privacy and data protection concerns with improved cross-border access to better- coordinated credit databases and making sure that credit-related incidents whereby consumers have been unreasonably exposed to currency exchange risks are not repeated to assess the changes made by the Mortgage Credit Directive before considering any further regulatory action;

Amendment 266 #

Motion for a resolution
Paragraph 20

20. Encourages the Commission, while ensuring financial stability, to move forward in creating a stronger single market for mortgages and consumer credit, but to do so carefully, balancing privacy and data promphasises that the Mortgages Directive is currently being transposed, or is in the process of implementation, in the Member States; encourages the Commission to monitor its transposition and implementation attecnti~~on concerns wi~~vely and to analyse the imp~~roved cross-border access to better- coordinated credit databases and making sure that credit-related incidents whereby consumers have been unreasonably exposed to currency excha~~act of this legislation on the retail financial services market; notes that there are still significant barriers to the creation of a stronger single ~~risks are not repeated~~market for mortgages and consumer credit;

Amendment 267 #

Motion for a resolution
Paragraph 20

20. Encourages the Commission~~, while ensuring financial stability,~~ to move forward in creating a stronger single market for mortgages and consumer credit, but to do so carefully, balancing privacy and data protection concerns ~~with improved cross-border access to better- coordinated credit databases and~~, making sure that credit-related incidents whereby consumers have been unreasonably exposed to currency exchange risks are not repeated;

Amendment 268 #

Motion for a resolution
Paragraph 20

20. Encourages the Commission, while ensuring financial stability, to move forward in creating a stronger single market for mortgages and consumer credit, but to do so carefully, balancing privacy and data protection concerns with improved cross-border access to better- coordinated constantly to monitor market developments as regards mortgages and consumer credit, in order to curb the risks for financial stability and the real economy; stresses the need to improve access to accurate cross-border credit databases ~~and~~, making sure that ~~credit-related incidents whereby consumers have been unreasonably exposed to currency exchange risks~~new crises linked to excessive credit expansion, whereby consumers have been exposed to excessive foreign indebtedness, are not repeated;

Amendment 269 #

Motion for a resolution
Paragraph 20

20. Encourages the Commission, while ensuring financial stability, to move forward in creating a stronger single market for mortgages and consumer credit, ~~but to do so carefully, balancing privacy and data protection concerns with~~providing improved cross-border access to better- coordinated credit databases ~~and making sure~~in full compliance with privacy and data protection rules, and ensuring that credit- related incidents whereby consumers have been unreasonably exposed to currency exchange risks are not repeated;

Amendment 27 #

Motion for a resolution
Recital C

C. whereas the rapid transformation brought about by digitisation and fintech innovation not only has the potential, if prudently managed, to creates new and often better financial products for consumers, but also involves key challenges in terms of security, data protection, consumer protection and taxation;

Amendment 270 #

Motion for a resolution
Paragraph 20 a (new)

20a. Calls on the Commission to act with caution in encouraging competition and competitiveness in the European banking sector and to seek to strike the right balance between the need to offer consumers access to better products at lower cost and the need to protect the traditional, local bank model, which focuses on financing the real economy, from exposure to unfair competition from the major systemic investment banks, which have received large amounts of state aid and been subject to asymmetrical supervision which does not adequately assess the risks arising from derivative exposures and speculative activities;

Amendment 271 #

Motion for a resolution
Paragraph 20 a (new)

20a. Calls on the Commission to analyse what data is necessary for lenders to assess the creditworthiness of their customers and, based on this analysis, to introduce proposals for regulating this assessment process; calls on the Commission to investigate further the current practices of credit bureaux' in relation to the collection, processing and marketing of consumer data to ensure that they are adequate and not detrimental to consumers rights'; calls on the Commission to consider taking action in this area if necessary;

Amendment 272 #

Motion for a resolution
Paragraph 20 a (new)

20a. Asks the Commission to conduct, with the Member States, a joint analysis of the implementation and impact of EU legislation on retail financial services; calls on the Commission and Member States to examine in detail the legal barriers and other remaining obstacles to cross-border operations and to the completion of an EU retail financial services market; stresses that the specificities of SMEs must be taken into account in such an analysis;

Amendment 273 #

Sophia IN 'T VELD, Nils TORVALDS

Motion for a resolution
Paragraph 20 a (new)

20a. Urges the Commission to await the national implementation of the Mortgage Credit Directive, Payment Service Directive, Payment Accounts Directive, Insurance Distribution Directive, Consumer Credit Directive, PRIIPs, KIDs and MiFID II and to evaluate their effects before bringing up any new proposals in any of these areas;

Amendment 274 #

Motion for a resolution
Paragraph 20 a (new)

20a. Calls on the Commission to look into the possibility of introducing a European Start-up Blue Card as a way to attract best talents globally;

Amendment 28 #

Motion for a resolution
Recital C

C. whereas the rapid transformation, brought about by digitisation and fintech innovation ~~not only~~, creates new and often better financial products for consumers and contributes to financial inclusion, but also involves key challenges in terms of security, data protection, consumer protection and taxation;

Amendment 29 #

Motion for a resolution
Recital C

C. whereas the rapid transformation brought about by digitisation and fintech innovation not only creates new and often better financial products for consumers, but also involves key challenges in terms of security, data protection, consumer protection ~~and taxation~~, taxation, fair competition and financial stability;

Amendment 3 #

Motion for a resolution
Citation 17 a (new)

- having regard to the Resolution of the European Parliament on virtual currencies (T8-0228/2016),

Amendment 30 #

Motion for a resolution
Recital C

C. whereas the rapid transformation brought about by digitalisation and fintech innovation not only creates new and often ~~better~~more individualized financial products for consumers, but also involves key challenges in terms of security, data protection, consumer protection and taxation;

Amendment 31 #

Motion for a resolution
Recital C

C. whereas the rapid transformation brought about by digitisation and fintech innovation not only creates new and often better financial products for c~~onsumer~~lients, but also involves key challenges in terms of security, and data protection~~, consumer protection and taxation~~;

Amendment 32 #

Motion for a resolution
Recital C

C. whereas the rapid transformation brought about by digitisation and fintech innovation not only creates new and o~~ften~~ccasionally better financial products for consumers, but also involves ~~key~~serious challenges in terms of security, data protection, consumer protection and taxation;

Amendment 33 #

Marisa MATIAS, Miguel VIEGAS, Dimitrios PAPADIMOULIS, Fabio DE MASI, Matt CARTHY

Motion for a resolution
Recital C

C. whereas the rapid transformation brought about by digitisation and fintech innovation ~~not only~~has the potential to creates new and ~~often~~ better financial products for consumers, ~~but also involves~~and entails, moreover, key challenges in terms of security, data protection, consumer protection and taxation;

Amendment 34 #

Motion for a resolution
Recital C

C. whereas the rapid transformation brought about by digitisation and fintech innovation ~~not only creates new and often better~~can create an easier and faster access to financial products for consumers, ~~but also involves~~posing key challenges in terms of security, data protection, consumer protection and taxation;

Amendment 35 #

Motion for a resolution
Recital C a (new)

Ca. whereas any effort made at strengthening the EU retail financial services market should be coordinated with the DSM (Digital Single Market), CMU (Capital Markets Union) and SMS (Single Market Strategy) agendas and have as the overall aim to strengthen job creation, growth, financial stability and the role of the consumer in the European economy;

Amendment 36 #

Michael THEURER

Motion for a resolution
Recital C a (new)

Ca. whereas the completion of the internal market is important for consumers, it is also essential to provide European fintech companies with the possibilities to reap the benefits of the internal market to compete with traditional players in order to offer innovative, consumer-friendly solutions and to create jobs throughout the EU;

Amendment 37 #

Motion for a resolution
Recital C a (new)

Ca. whereas micro-enterprises, SMEs and mid-caps are the backbone of the European economy and the drivers of employment and growth; whereas every European law and initiative must be adapted to the characteristics of such companies;

Amendment 38 #

Motion for a resolution
Recital C a (new)

Ca. whereas the completion of the European internal market is hugely important for consumers and businesses, and whereas innovative new actors are starting to offer alternatives to existing services;

Amendment 39 #

Marisa MATIAS

Motion for a resolution
Recital C a (new)

Ca. whereas the Commission should ensure that citizens continue to have access to best offers in the internal market also through non-digital channels to avoid financial exclusion;

Amendment 4 #

Motion for a resolution
Citation 18 a (new)

- having regard to the EBA response to the EU Commission Green Paper on Retail Financial Services (COM 2015(630)) of 21 March 2016,

Amendment 40 #

Motion for a resolution
Recital C a (new)

Ca. whereas investors are not consumers, and should therefore be protected only as investors;

Amendment 41 #

Motion for a resolution
Recital C a (new)

Ca. whereas for the first quarter of 2016 the fintech funding in Europe accounts to only 348m$, compared to 1.8b$ in North America and 2.6b$ in China, which demonstrates the urgent need for quick mentality shift and adequate regulatory response to technological developments in order for Europe to become a lead market for innovation;

Amendment 42 #

Motion for a resolution
Recital C b (new)

Cb. whereas fiscal, regulatory and technical barriers must be urgently eliminated with a view to unlocking the full potential of the single European market for retail financial services;

Amendment 43 #

Motion for a resolution
Recital C c (new)

Cc. whereas multinational companies with branches in several Member States can circumvent these barriers more easily than small companies;

Amendment 44 #

Motion for a resolution
Recital C d (new)

Cd. whereas disruptive technologies present regulatory challenges, but also offer great opportunities for innovation and an impulse to economic growth and jobs;

Amendment 45 #

Motion for a resolution
Paragraph 1

1. ~~Welcomes the~~Points out that the European Commission Green Paper on retail financial services (defined as including insurance) ~~and the vivid and productive debate that it has generated so far;~~ links up with, and is complemented by, initiatives such as the Digital Single Market, the Capital Markets Union, and the Single Market Strategy, whose aims and effects entail more extreme economic deregulation for the benefit of big business and the EU’s major powers, thus damaging workers, micro, small, and medium-sized entrepreneurs, and national production systems and hence running counter to the interests of peoples, workers, and Member States;

Amendment 46 #

Motion for a resolution
Paragraph 1

1. ~~Welcomes~~Notes that the Commission Green Paper on retail financial services (defined as including insurance~~) and the vivid and productive debate that it has generated so far~~, loans, payments, current and savings accounts and any other retail investment product) and the vivid and productive debate that it has generated so far have focused on the obstacles to the expansion of cross-border activities rather than on the need to address the persistent deficiencies and weaknesses of the regulatory and supervisory framework for retail financial services, in order to increase protection for depositors, savers and small investors;

Amendment 47 #

Motion for a resolution
Paragraph 1

1. ~~Welcomes~~Expresses its satisfaction at the Commission Green Paper on retail financial services (defined as including insurance) and the ~~vivid and productive~~ debate that it has generated so far;

Amendment 48 #

Motion for a resolution
Paragraph 1

1. Welcomes the Commission Green Paper on retail financial services (defined as including insurance) and the vivid and productive debate that it has generated so far; also welcomes the public consultation on the Green Paper, which has given those involved the chance to put forward their opinions based on their specific situations and/or sectors; underlines that a single approach for retail financial services would be counter-productive, given the diversity of the actors and products concerned;

Amendment 49 #

Motion for a resolution
Paragraph 1 a (new)

1a. Takes the view that digitalisation will continue to create new opportunities for consumers, investors, SMEs and other companies in terms of competition, cross- border activities and innovation; stresses that digitalisation alone is not sufficient to create a viable European retail financial services market; notes that the many obstacles such as the various tax, social, judicial, health, contract and consumer protection regimes, as well as the different languages and cultures, cannot be overcome solely by means of digitalisation; asks the Commission to adapt European legislation to the digital economy;

Amendment 5 #

Motion for a resolution
Recital -A (new)

-A. whereas the EU market in retail financial services is still rather underdeveloped, for example in terms of the low number of cross-border transactions, and there is a substantial potential for improvements in several parts of that market;

Amendment 50 #

Marisa MATIAS, Paloma LÓPEZ BERMEJO, Fabio DE MASI, Matt CARTHY, Miguel VIEGAS

Motion for a resolution
Paragraph 2

Amendment 51 #

Motion for a resolution
Paragraph 2

2. ~~Find~~Views the Green Paper initiative ~~to be timely, particularly given the need to work proactively at all stages of the policymaking process in order to be able to track~~with great disquiet, and once again deplores the fact that opportunities for digitalisation and consumer empowerment are being used as a pretext to set up a single market for retail financial services whose chief consequences will be on the one hand to intensify the free movement of capital and, s~~teer developments in such an innovative and fast-changing market;~~ econdly, to wipe out smaller businesses operating in the sector and thereafter to concentrate capital and wealth in the hands of the largest EU- wide financial groups, thus enhancing their hegemony and diminishing the autonomy and sovereignty of Member States;

Amendment 52 #

Motion for a resolution
Paragraph 2

2. Finds the Green Paper initiative to be timely, particularly given the need to work proactively at all stages of the policymaking process in order to be able to track and steer developments in such an innovative and fast-changing marketinitiative to promote greater liberalisation of retail financial services set out in the Green Paper to be rather imprudent, particularly given the need to address appropriately the sources of instability, inefficiency and systemic risk that are still present in the European banking and financial sector; agrees, however, with the ambition to work proactively at all stages of the policymaking process in order to be able to track and steer developments in such an innovative and fast-changing market, but stresses the need to curb the potential negative effects of technological and financial innovation, by monitoring and combating effectively the risks relating to circumvention of the rules and of supervision, tax evasion, tax fraud and tax avoidance, and the laundering of the proceeds of illegal activities;

Amendment 53 #

Motion for a resolution
Paragraph 2

2. Finds the Green Paper initiative to be ~~timely, particularly given the need to work proactively at all stages of the policymaking process in order~~significant, given the need to be able to track and steer developments in such an innovative and fast-changing market;

Amendment 54 #

Motion for a resolution
Paragraph 2

2. Finds the Green Paper initiative to be timely, ~~particularly~~ given the need to ~~work proactively at all stages of the policymaking process in order to be able to track and steer~~respond quickly and adequately to developments in such an innovative and fast-changing market;

Amendment 55 #

Motion for a resolution
Paragraph 2

2. Finds the Green Paper initiative to be timely, particularly given the need to work ~~proactive~~cautiously at all stages of the policymaking process in order ~~to be able to track and steer~~not to jeopardise developments in such an innovative and fast-changing market;

Amendment 56 #

Motion for a resolution
Paragraph 2

2. Finds the Green Paper initiative to be timely, particularly given the need to work proactively at all stages of the policymaking process in order to be able to track and steer developments in such an innovative and fast-changing market; stresses that a large number of legislative texts have been drawn up in recent years in the area of retail financial services; asks the Commission to give priority to the transposition and implementation of this legislation over proposing new legislative initiatives;

Amendment 57 #

Motion for a resolution
Paragraph 2 a (new)

2a. Considers simplifying legislation to be crucial in efforts to make products more easily comparable across the EU's various markets, particularly in the insurance sector;

Amendment 58 #

Motion for a resolution
Paragraph 2 a (new)

2a. Welcomes a clear regulatory framework on data flow; believes data shall flow freely within the same company; believes that markets provide for business potentials if a clear legal framework takes away legal uncertainty;

Amendment 59 #

Motion for a resolution
Paragraph 3

3. ~~Underlines the importance of promoting positive developments in this market by creating and maintaining a level playing field where the rules are as~~Points out that new types of service provider are constantly joining this market and that regulatory asymmetries are emerging as a result of the differences in the types of service provider involved; Underlines the importance of promoting positive developments in this market, and emphasises, therefore, in that connection, that a competitive legal framework must be created in which individual economic actors are treated the same, in a technology- and business-model-neutral ~~as is feasible~~way; points out that such an approach is necessary, not least in order to give new and innovative SMEs a fair chance;

Amendment 6 #

Motion for a resolution
Recital A

Amendment 60 #

Motion for a resolution
Paragraph 3

3. Underlines the importance of promoting positive developments in ~~this~~ market in retail finance by creating and maintaining a level playing field ~~where~~ between incumbent operators and new entrants, withe rules ~~are~~ as technology- and business- model-neutral as is feasible; points out, that such an approach is necessary, not least in order to give new and innovative SMEs a fair chance;

Amendment 61 #

Motion for a resolution
Paragraph 3

3. Underlines the importance of promoting positive developments in this market by creating a~~nd maintaining a level playing field~~ competitive environment where the rules are as technology- and business-model-neutral as ~~is fea~~possible; points out that such an approach is necessary, not least in order to ~~give new and~~help innovative SMEs a ~~fair chance~~nd start-ups to grow;

Amendment 62 #

Motion for a resolution
Paragraph 3

Amendment 63 #

Motion for a resolution
Paragraph 3

3. Underlines the importance of promoting positive developments in this market by creating and maintaining a level playing field for all stakeholders where the rules are as technology- and business- model-neutral as is feasible; points out that such an approach is necessary, not least in order to give new and innovative SMEs a fair chance;

Amendment 64 #

Motion for a resolution
Paragraph 3

3. Underlines the importance of promoting positive developments in this market by creating and maintaining a level playing field where the rules are as technology- and business-model-neutral as is feasible; points out that such an approach is necessary, not least in order to give new and innovative SMEs a fair chance; underlines that a proportionate approach of "same services, same risks, same rules" should apply to all companies regardless of their sector or location to promote fair competition; highlights that the creation of "contact points" which allow stakeholders to report unlawful application of EU passporting provisions could foster market integration;

Amendment 65 #

Motion for a resolution
Paragraph 3 a (new)

3a. Asks the Commission to ensure that the same rules apply to any given service in order to avoid creating distortions of competition, particularly with the emergence of new providers of retail financial services; stresses that these rules must not act as a brake on innovation;

Amendment 66 #

Motion for a resolution
Paragraph 3 b (new)

3b. Stresses that a European retail financial services market must benefit SMEs in terms of both supply and demand; in terms of supply, this means ensuring an improvement in access to financing for SMEs; in terms of demand, it means enabling SMEs to access cross- border markets more easily; emphasises that increasing competition must not penalise SMEs providing retail financial services which operate on a local basis;

Amendment 67 #

Motion for a resolution
Paragraph 4

4. Emphasises~~, in particular because of~~ that the low levels of 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 access to transparent, straightforward and good-value-for-money products; where financial services are concerned have been caused by the behaviour of financial institutions themselves, since the 2007/2008 financial crisis, subsequent events in the retail banking sector in several Member States, and the sector’s own direct and indirect involvement in tax avoidance and evasion schemes have been the driving forces behind this dissatisfaction and the sector’s bad reputation; considers it important, therefore, to improve consumer financial literacy and to make financial products more transparent; takes the view, however, that access to transparent, straightforward and good-value-for-money products will not be sufficient to reverse the current situation and that, in order to make this happen, not only will financial institutions have to change their attitude to their customers, but a proper legal framework will also need to be established, alongside strong regulators and public scrutiny of the financial system;

Amendment 68 #

Marisa MATIAS, Dimitrios PAPADIMOULIS, Fabio DE MASI, Matt CARTHY

Motion for a resolution
Paragraph 4

4. Emphasises, in particular because of low levels of c~~onsumer~~lient 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 access to transparent, straightforward and good- value-for-money produc~~clients have access to suitable products; insists that legislative measures must not jeopardise the current availability of a wide range of services for private clients;

Amendment 69 #

Motion for a resolution
Paragraph 4

Amendment 7 #

Motion for a resolution
Recital A

A. whereas the dynamics of retail financial services markets in many Member States, ~~featuring a combination of high concentration and inadequate competition, tend to~~ which are characterised by weak competition stemming from overresgul~~t in limited choice and low value for money~~ation across the board, are also being hampered by red tape;

Amendment 70 #

Motion for a resolution
Paragraph 4

4. Emphasises, in particular ~~because of low levels of consumer trust and satisfaction~~in order to boost consumer trust in the single market, 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 access to transparent, straightforward and good- value-for-money products;

Amendment 71 #

Motion for a resolution
Paragraph 4

4. Emphasises, in particular because of low levels of consumer trust and satisfaction, that the Green Paper initiative can succeed only if it has a strong focus on ~~creating an EU market~~reforming the banking and financial sector, by building on the lessons learned from the crisis and combating the expansion of the shadow banking system and speculative, high-risk finance; calls for work to be done on specific proposals that seek to strengthen the commercial, sustainable bank model that focuses on the real economy, in addition to creating a financial market which is more transparent, efficient and reliable, in which savers and small investors can compete on a level playing-field with other market operators and in which well- protected consumers have access to transparent, straightforward and good- value-for-money products;

Amendment 72 #

Motion for a resolution
Paragraph 4

4. Emphasises~~, in particular~~ that, because of low levels of consumer trust and satisfaction~~, that~~ in particular, the Green Paper initiative can succeed only if it has a strong focus on creating an EU market in which well- protected consumers have access to transparent, straightforward and good- value-for-money products achieving a fair cost price/selling price ratio;

Amendment 73 #

Motion for a resolution
Paragraph 4

Amendment 74 #

Motion for a resolution
Paragraph 4

4. Emphasises, in particular because of low levels of 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~~, users, savers and investors have unlimited cross-border access to transparent, straightforward and good- value-for-money products;

Amendment 75 #

Motion for a resolution
Paragraph 4

Amendment 76 #

Motion for a resolution
Paragraph 4

4. Emphasises, in particular because of low levels of 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 access to transparent, straightforward and good- value-for-money products; calls on the European Supervisory Authorities to regularly assess the impact of tying practices on prices and competition of retail financial services; emphasises the benefit of providing customers with simple, standardised and portable products, as well as default options and benchmarks in different product categories that would match the needs of the majority of consumers who are not engaged in making active financial choices; welcomes the work on the Pan- European Personal Pension Product (PEPP) initiated by EIOPA; calls on the Commission to take legislative initiative to introduce standardized and basic financial services products in the field of car and travel insurance and basic investment products, building on the success of the Basic Bank Accounts Directive and elaborating further on options to provide basic payment account with strengthened cross-border functions;

Amendment 77 #

Sophia IN 'T VELD

Motion for a resolution
Paragraph 4 a (new)

4a. Stresses the importance of the simplification of regulatory standards, the harmonised and coherent enforcement of retail finance legislation across Member States and the need for an efficient dispute resolution mechanism as well as the possibility for collective redress;

Amendment 78 #

Motion for a resolution
Paragraph 4 a (new)

4a. Emphasises that the proposals which emerge from the Green Paper must be consistent with the proportionality principle;

Amendment 79 #

Motion for a resolution
Paragraph 5

5. ~~Recalls that all initiatives based on the Green Paper should be compatible with stepping up~~Takes the view that the possibility for customers to open bank accounts with institutions not physically based in their Member State of residence, without having to go to the offices of such institutions in person, and for remote signature of contracts and distance verification of identity to be used for that purpose, will serve not only to encourage capital flight in future financial crises, but also to undermine measures to combat money laundering; is accordingly concerned about the impact which initiatives based on the Green Paper might have on the stability of the financial system and economies, and on the effectiveness of measures to combat money laundering and of the fight against tax fraud and tax evasion;

Amendment 8 #

Werner LANGEN

Motion for a resolution
Recital A

A. whereas the dynamics of retail A. financial services markets ~~in many Member States, featuring~~must not give rise to a combination of high concentration and inadequate competition, ~~tend to~~which would result in limited choice and low value for money;

Amendment 80 #

Motion for a resolution
Paragraph 5

5. Recalls that all initiatives based on the Green Paper should be compatible with stepping up the fight against tax fraud ~~and~~, tax evasion and money laundering;

Amendment 81 #

Motion for a resolution
Paragraph 5

5. Recalls that all initiatives based on the Green Paper should be ~~compatible with stepping up~~fully in line with the fight against tax fraud ~~and~~, tax evasion and tax avoidance;

Amendment 82 #

Motion for a resolution
Paragraph 5

5. Recalls that all initiatives based on the Green Paper should ~~be compatible with stepping up~~facilitate efforts to escalate the fight against tax fraud, a~~nd tax~~voidance and evasion;

Amendment 83 #

Motion for a resolution
Paragraph 5

5. Recalls that all initiatives based on the Green Paper should be co~~mpatible with stepping up the~~gnisant of the international fight against tax fraud and tax evasion;

Amendment 84 #

Motion for a resolution
Paragraph 5

5. Recalls that all initiatives based on the Green Paper should be compatible with stepping up the fight against tax avoidance, tax fraud and tax evasion, in addition to measures to combat money laundering and terrorist financing;

Amendment 85 #

Motion for a resolution
Paragraph 5

5. Recalls that all initiatives based on the Green Paper should be compatible with stepping up the fight against tax fraud and tax evasion, including more efforts to elaborate a Common Tax Identification number;

Amendment 86 #

Motion for a resolution
Paragraph 5

5. Recalls that all initiatives based on the Green Paper should be compatible with stepping up the fight against tax fraud and tax evasion; points out that tax competition is a key prerequisite for prosperity in the Member States;

Amendment 87 #

Motion for a resolution
Paragraph 5

5. Recalls that all initiatives based on the Green Paper should be compatible with stepping up the fight against tax fraud and tax evasion; warns that a lack of cooperation between Member States on tax matters, including on the tax treatment of financial services and on the classification and treatment of tax havens, leads to a lack of a level playing field and a distortion of competition within the single market;

Amendment 88 #

Marisa MATIAS

Motion for a resolution
Paragraph 5

5. Recalls that all initiatives based on the Green Paper should be compatible with stepping up the fight against tax fraud and tax evasion; warns that unfair competition may derive from ability to operate from tax-friendly jurisdictions within and outside the EU; urges the Commission to harmonize tax treatment of financial services within EU;

Amendment 89 #

Sophia IN 'T VELD, Nils TORVALDS, Enrique CALVET CHAMBON, Sylvie GOULARD

Motion for a resolution
Paragraph 6

6. Notes the ~~increasing~~ complexity of some retail financial products; ~~insists on the need to develop~~welcomes the recent initiatives and instruments that allow consumers to identify safe and simple products within the range of products available to them; supports initiatives such as the Key Investment Information Document for undertakings for collective investments in transferrable securities (UCITS) and the Key Information Document for packaged retail and insurance-based investment products (PRIIPs); stresses the need to adapt these information mechanisms to the digital reality; calls for the need to ensure that the amount of information is not so great that it cannot be understood by consumers;

Amendment 9 #

Motion for a resolution
Recital A

Amendment 90 #

Motion for a resolution
Paragraph 6

6. Notes the increasing complexity of retail financial products; insists ~~on the need to develop initiatives and~~that providers must develop instruments that allow c~~onsumer~~lients to identify s~~afe and simp~~uitable products within the range of products available to them; supports initiatives such as the Key Investment Information Document for undertakings for collective investments in transferrable securities (UCITS) and the Key Information Document for packaged retail and insurance-based investment products (PRIIPs), and calls for them to be simplified; calls for the requirements concerning the provision of information and the resulting red tape to be kept to a minimum;

Amendment 91 #

Motion for a resolution
Paragraph 6

6. Notes with concern the increasing complexity and riskiness of retail financial products; insists on the need to develop initiatives and instruments that allow consumers to identify safe and simple products within the range of products available to them; supports initiatives such as the Key Investment Information Document for undertakings for collective investments in transferrable securities (UCITS) and the Key Information Document for packaged retail and insurance-based investment products (PRIIPs); and to take mindful investment decisions based on comprehensible, accurate information concerning the risk/return profile, costs and charges, all risks associated with the investment, worst-case scenarios and potential losses, past performance and the investment policy; supports initiatives such as the Key Investment Information Document for undertakings for collective investments in transferrable securities (UCITS) and the Key Information Document for packaged retail and insurance-based investment products (PRIIPs); considers, however, that in order to ensure appropriate protection of retail savers and investors, the current macro-prudential regulatory and supervisory framework needs to be reviewed and strengthened; calls for consideration of the possibility, in this regard, of introducing restrictions or bans on selling speculative derivatives, structured securitisations and high-risk subordinate bonds to retail clients, in addition to prohibiting pension funds, insurance companies and banks which manage deposits and savings from investing in these instruments;

Amendment 92 #

Motion for a resolution
Paragraph 6

6. Notes the increasing complexity of retail financial products; ~~insists on the need to develop initiatives and instruments that allow consumers to identify safe and simple products within the range of products available to them~~stresses that simplicity and standardisation of the products that are most essential to consumers’ needs also vastly improves comparability and beneficial competition, focused on the value proposition of the whole service provided, rather than adding contractual complexity that is mainly marketing-driven; insists on the need to develop initiatives and instruments that allow consumers to identify safe and simple products within the range of products available to them; urges the Commission to play a more proactive role in using the Capital Markets Union to support the growing Sustainable and Responsible Investment (SRI) market by promoting sustainable investments , effective and standardised Environmental, Social and Governance (ESG) criteria and the adequate reflection of such criteria in investment management systems and disclosure standards as in IORPD; further urges the Commission to promote ESG "rating services" and a consistent framework for the green bonds market; supports initiatives such as the Key Investment Information Document for undertakings for collective investments in transferrable securities (UCITS) and the Key Information Document for packaged retail and insurance-based investment products (PRIIPs); urges the regulation of performance fees to make them symmetric and broaden their scope to capture a longer timeframe;

Amendment 93 #

Motion for a resolution
Paragraph 6

6. Notes the increasing complexity of retail financial products; insists on the need to develop initiatives and instruments that, on the one hand, reduce the abovementioned complexity and, on the other, allow consumers to identify safe and simple products within the range of products available to them; supports initiatives such as the Key Investment Information Document for undertakings for collective investments in transferrable securities (UCITS) and the Key Information Document for packaged retail and insurance-based investment products (PRIIPs);

Amendment 94 #

Motion for a resolution
Paragraph 6

6. Notes the increasing complexity of retail financial products; insists on the need to develop less complex financial products and to support initiatives and instruments that allow consumers to identify safe and simple products within the range of products available to them; supports initiatives such as the Key Investment Information Document for undertakings for collective investments in transferrable securities (UCITS) and the Key Information Document for packaged retail and insurance-based investment products (PRIIPs);

Amendment 95 #

Werner LANGEN

Motion for a resolution
Paragraph 6

6. Notes the increasing complexity of retail financial products; insists on the need to develop initiatives and instruments that allow consumers to identify safe and simple products within the range of products available to them; supports initiatives such as the Key Investment Information Document for undertakings for collective investments in transferrable securities (UCITS) and the Key Information Document for packaged retail and insurance-based investment products (PRIIPs), but points out that the practical benefits for consumers and investors of the Key Information Document in its current form must continue to be reviewed and that adjustments may be necessary;

Amendment 96 #

Motion for a resolution
Paragraph 6

6. Notes the increasing complexity of retail financial products; insists on the need to develop initiatives and instruments that allow consumers to identify safe and simple products within the range of products available to them; supports initiatives such as the Key Investment Information Document for undertakings for collective investments in transferrable securities (UCITS) and the Key Information Document for packaged retail and insurance-based investment products (PRIIPs); points out, at the same time, that the information made available to the client must be provided in such a way as to make an informed decision possible and that the quality, and not the quantity, of the information provided must be the decisive factor;

Amendment 97 #

Pervenche BERÈS

Motion for a resolution
Paragraph 6

6. Notes the increasing complexity of retail financial products; insists on the need to develop initiatives and instruments that allow consumers to identify safe and simple products within the range of products available to them; supports initiatives such as the Key Investment Information Document for undertakings for collective investments in transferrable securities (UCITS) and the Key Information Document for packaged retail and insurance-based investment products (PRIIPs); believes in this spirit that the summary of prospectus should be aligned with the Key Information Document for packaged retail and insurance-based investment products (PRIIPs) in order to allow retail investors to properly assess the risks associated with securities offered to trading;

Amendment 98 #

Motion for a resolution
Paragraph 6

6. Notes the increasing complexity of retail financial products; insists on the need to develop initiatives and instruments that allow consumers to identify safe and simple products within the range of products available to them; supports initiatives such as the Key Investment Information Document for undertakings for collective investments in transferrable securities (UCITS) and the Key Information Document for packaged retail and insurance-based investment products (PRIIPs); acknowledges the good and rigorously tested disclosure requirements of the Key Information Documents (KIDs) in PRIIPs and calls for the disclosure requirements of other financial products to be aligned with that;

Amendment 99 #