Activities of Beatrix von STORCH related to 2016/2056(INI)
Plenary speeches (1)
Green Paper on Retail Financial Services (A8-0294/2016 - Olle Ludvigsson) DE
Amendments (21)
Amendment 7 #
Motion for a resolution
Recital A
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 overresgult in limited choice and low value for moneyation across the board, are also being hampered by red tape;
Amendment 18 #
Motion for a resolution
Recital B
Recital B
B. whereas the further development of the retail financial services market at EU level would not only facilitateis 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 31 #
Motion for a resolution
Recital C
Recital C
C. whereas the rapid transformation brought about by digitisation and fintech innovation not only creates new and often better financial products for consumerlients, but also involves key challenges in terms of security, and data protection, consumer protection and taxation;
Amendment 40 #
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas investors are not consumers, and should therefore be protected only as investors;
Amendment 55 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Finds the Green Paper initiative to be timely, particularly given the need to work proactivecautiously at all stages of the policymaking process in order to be able to track and steernot to jeopardise developments in such an innovative and fast-changing market;
Amendment 68 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Emphasises, in particular because of low levels of consumerlient 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 producclients 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 86 #
Motion for a resolution
Paragraph 5
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 90 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Notes the increasing complexity of retail financial products; insists on the need to develop initiatives andthat providers must develop instruments that allow consumerlients to identify safe and simpuitable 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 111 #
Motion for a resolution
Paragraph 7
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 consumerlients fully about the impact of the new rules;
Amendment 123 #
Motion for a resolution
Paragraph 8
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 148 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Notes that frontline employees at financial institutions have a crucial role to play in opening upffering 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 166 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Observes that the EU-level capacity for data collection and analysis in this field will probably need to be strengthened; nNotes 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 174 #
Motion for a resolution
Paragraph 12
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 competentwork more actively in this field;
Amendment 192 #
Motion for a resolution
Paragraph 13
Paragraph 13
Amendment 203 #
Motion for a resolution
Paragraph 14
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 209 #
Motion for a resolution
Paragraph 15
Paragraph 15
Amendment 215 #
Motion for a resolution
Paragraph 16
Paragraph 16
Amendment 222 #
Motion for a resolution
Paragraph 17
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 entirelyif feasible – a general environment in which robust security requirements are combined with fair and simple procedures for consuustomers to identify themselves if that is what is required by the rules;
Amendment 231 #
Motion for a resolution
Paragraph 18
Paragraph 18
Amendment 250 #
Motion for a resolution
Paragraph 19
Paragraph 19
Amendment 262 #
Motion for a resolution
Paragraph 20
Paragraph 20