Activities of Barbara KAPPEL related to 2016/2056(INI)
Plenary speeches (1)
Green Paper on Retail Financial Services (A8-0294/2016 - Olle Ludvigsson) DE
Shadow reports (1)
REPORT on the Green Paper on Retail Financial Services PDF (329 KB) DOC (73 KB)
Amendments (21)
Amendment 2 #
Motion for a resolution
Citation 17 a (new)
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 12 #
Motion for a resolution
Recital A a (new)
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 24 #
Motion for a resolution
Recital B a (new)
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 30 #
Motion for a resolution
Recital C
Recital C
C. whereas the rapid transformation brought about by digitalisation and fintech innovation not only creates new and often bettermore individualized financial products for consumers, but also involves key challenges in terms of security, data protection, consumer protection and taxation;
Amendment 58 #
Motion for a resolution
Paragraph 2 a (new)
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 99 #
Motion for a resolution
Paragraph 6
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); recalls that consumer protection does not necessarily entail large volumes of information and that the focus should rather be on the quality and comprehensibility of information enabling proper decision-making – information must be relevant, accurate, comparable, user-friendly, reliable and timely;
Amendment 131 #
Motion for a resolution
Paragraph 8 a (new)
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 136 #
Motion for a resolution
Paragraph 8 b (new)
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 138 #
Motion for a resolution
Paragraph 8 c (new)
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 #
Motion for a resolution
Paragraph 8 d (new)
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 144 #
Motion for a resolution
Paragraph 9
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 not be made subject to sales targets or inducements that could bias or distort their adviceunjustified inducements impairing the ability to pursue the best interest of the customer according to the respective EU legal framework;
Amendment 156 #
Motion for a resolution
Paragraph 9 a (new)
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 161 #
Motion for a resolution
Paragraph 10 a (new)
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 184 #
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 within the limitations of their mandate and that the agencies responsible in a number of Member States should start to work more actively and competently in this field;
Amendment 227 #
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 entirely feasible – a general environment in which robust security requirements are combined with fair and simple procedures for consumers to identify themselves; believes that AML rules shall be modified so that face-to- face identification can be complemented by procedures for distance identification;
Amendment 229 #
Motion for a resolution
Paragraph 17 a (new)
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 236 #
Motion for a resolution
Paragraph 18 a (new)
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 241 #
Motion for a resolution
Paragraph 18 b (new)
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 253 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Asks the Commission to study further the benefits and costs of guaranteeenhancing 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 261 #
Motion for a resolution
Paragraph 19 a (new)
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 273 #
Motion for a resolution
Paragraph 20 a (new)
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;