Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-06-19-Speech-2-048"
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"en.20070619.5.2-048"2
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"Mr President, the concern of us all in this House is to draw up good legislation and to ensure that it is properly transposed. In this respect, we have here a textbook case. Obviously, the transposition was not equal to the quality of the legislation. We must improve this situation.
Secondly, I understand that, in the United Kingdom, conclusions have already been drawn from this situation as some monitoring bodies have been modified following this affair. No doubt we need to go further still.
Thirdly, progress in Europe has to be made where cross-border activities are concerned. We shall make no progress in this area unless we give consideration to what exactly we mean by monitoring those involved in offering financial products in several Member States of the European Union.
Fourthly, we must improve the strategy for product placement. Selling just any old financial product under any old conditions is unacceptable. There will also be no integrated market for financial services without an improvement in the way financial products are offered to clients. Otherwise, there will be more and more cases of misselling.
Fifthly, the Committee of Inquiry has asked the Committee on Economic and Monetary Affairs to honour its conclusions. Without even waiting for the conclusions of this Committee of Inquiry, it is a fact that the issues of implementing the directives, of improving the solvency of financial companies and of ensuring high-quality supervision of financial markets are at the heart of our daily concerns. Having said that, it goes without saying that this textbook case will serve only to increase our determination in this respect.
Finally, my last point is the issue of victims’ right of appeal. Of course, this is not a matter of authorising the opening of a class action. For all that, if we wish to be serious, we must also, in the context of legislation for the protection of investors and savers, improve European legislation in terms of defining the remedies available to victims."@en1
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