Activities of Richard SULÍK related to 2016/2056(INI)
Shadow opinions (1)
OPINION on the Green Paper on Retail Financial Services
Amendments (22)
Amendment 6 #
Draft opinion
Paragraph 1 a (new)
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 9 #
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Reminds that after the crisis, the financial sector had to adapt enormously to new EU regulations;
Amendment 10 #
Draft opinion
Paragraph 1 b (new)
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 13 #
Draft opinion
Paragraph 1 b (new)
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)
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 17 #
Draft opinion
Paragraph 1 c (new)
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)
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)
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 23 #
Draft opinion
Paragraph 2
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 differencesfair 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 27 #
Draft opinion
Paragraph 2 a (new)
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 35 #
Draft opinion
Paragraph 4
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 switchingassess 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 40 #
Draft opinion
Paragraph 4 a (new)
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 42 #
Draft opinion
Paragraph 4 a (new)
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 44 #
Draft opinion
Paragraph 4 b (new)
Paragraph 4 b (new)
4b. Stresses that any new Commission proposal shall be based on proper and accurate data;
Amendment 46 #
Draft opinion
Paragraph 5
Paragraph 5
Amendment 52 #
Draft opinion
Paragraph 6
Paragraph 6
Amendment 56 #
Draft opinion
Paragraph 7 a (new)
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 59 #
Draft opinion
Paragraph 8
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 toto the benefit of the single market and consumer trust;
Amendment 63 #
Draft opinion
Paragraph 8 a (new)
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 71 #
Draft opinion
Paragraph 9 c (new)
Paragraph 9 c (new)
9c. Underlines the need to remove all barriers to the provision of financial services across borders includes national requirements to establish a structure or register in the Member State of the consumer; reminds the Member States of the current legislative requirements and case law in this domain and believes that if barriers are not removed that the Commission should take additional measures;
Amendment 72 #
Draft opinion
Paragraph 9 d (new)
Paragraph 9 d (new)
9d. Welcomes the increased use of e- signatures and e-identification within the framework of the eIDAS regulation; asks the Member States to work to ensure that e-signatures become the norm for financial service transactions and agreements; calls on the Commission to promote the use of e-IDs as a means of remote identification which meets current safety requirements while not hindering business at a distance;
Amendment 73 #
Draft opinion
Paragraph 9 e (new)
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;