Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-06-19-Speech-2-040"
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"en.20070619.5.2-040"2
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"The Wallis report on the crisis of the Equitable Life Assurance Society represents an opportunity to clarify the subject, to add impetus to the process of adopting the legislation and the recommendation and to provide greater clarity in the insurance sector in the EU. Here, therefore, is a series of very interesting recommendations that deserve careful analysis on the part of the other European political institutions and the governments of the Member States. Allow me to quote the original English:
‘The committee requests financial service legislation to provide for preventive early-warning systems that are able efficiently to signal potential problems arising from supervision or regulation of financial service companies, in particular when cross-border financial operations are involved.’
and it goes on:
‘The committee strongly recommends the further implementation of more sophisticated mechanisms which are able to guarantee exemplary cooperation between national regulatory authorities.’
Mr President, ladies and gentlemen, a number of difficulties arise in this report and in the debate. The citizens, the consumers and the insured must be given realistic, rather than excessive or groundless, hope, and I do not feel that the position towards the British Government has been sufficiently thought through. In fact, I find it extremely dangerous. I therefore have a number of reservations concerning this report when, for example, it states:
‘The committee sees it as an obligation of the United Kingdom Government to assume responsibility for its failures in providing redress for citizens’ grievances’.
Ladies and gentlemen, this does not stop me from acknowledging the enormous amount of work that has been done throughout the debate on this issue and from thinking that we must, on the one hand, pursue clearer and more profound European regulation in the field of insurance and, on the other, codify some of the rules on Parliament’s intervention via Committees of Inquiry."@en1
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