10 Amendments of Dimitrios PAPADIMOULIS related to 2016/2056(INI)
Amendment 34 #
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 bettercan create an easier and faster access to financial products for consumers, but also involvesposing key challenges in terms of security, data protection, consumer protection and taxation;
Amendment 69 #
Motion for a resolution
Paragraph 4
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 productsconsumers are effectively protected;
Amendment 101 #
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 thatregulations that actively limit retail products' complexity, allowing consumers to identifyaccess 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 110 #
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 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 133 #
Motion for a resolution
Paragraph 8 a (new)
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 #
Motion for a resolution
Paragraph 8 b (new)
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 142 #
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 cannot be made subject to sales targets, incentives or inducements that could bias or distort their adviceservice; 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 190 #
Motion for a resolution
Paragraph 12 a (new)
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 #
Motion for a resolution
Paragraph 12 b (new)
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 218 #
Motion for a resolution
Paragraph 16
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;