Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-06-04-Speech-3-217"
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"en.20080604.24.3-217"2
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"Mr President, both the Karas report and the Pittella report demonstrate that there is still a great deal to do for consumers in the sector of retail financial services such as bank accounts, loans and insurance. Banks, whose market volumes are influenced by retail business by up to 50%, are no longer interested in customer mobility and unfortunately only to a limited extent in transparent benchmarking. Even this essentially good, but often wrongly interpreted relationship of trust between banks and their customers has less of a link and contributes less to customer mobility and the promotion of competition.
Competition can itself therefore be adjusted primarily by enlightened and well-informed customers. In the end we have also included an EU budget line on financial market expertise in consumer and SME organisations. I simply wish to remind you of this.
In addition, consumer protection levels should not be impaired by the dismantling of barriers. Moreover, the demand for collective legal aid in cross-border lawsuits relating to financial products agreed in the Committee on the Internal Market and Consumer Protection is the appropriate endorsement for fair market conditions. In general, however, new financial products have to be introduced objectively and correctly.
The Commission is being asked to anchor regulatory requirements with regard to information, marketing and the organisation of comparable products for private customers in all the legal provisions of the financial market. The principles of the MiFID Directive on best advice should also be made to apply particularly, for example, to unit-linked life insurance and other long-term savings products. Helping the consumer, the customer, and thereby creating a flourishing market must be the principle by which we act."@en1
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