Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-10-26-Speech-5-256-000"

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"en.20121026.23.5-256-000"2
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". I voted in favour. Nevertheless, although Parliament voted today to limit high-frequency trading and reduce speculation on food products, it is regrettable that it did not support our proposal to eliminate scams such as preferred stock. That is another symbol of how difficult it is to change the financial system, despite five years of crisis. Our proposal sought to put an end to the incentives financial advisers receive for placing junk products with consumers who are not investors. We thus wanted to see an end to the benefits gained from these instruments, or for them to be passed on directly to consumers. In this way, financial advisers would have been forced to recommend products that benefited their clients, not increased their own revenue. There must be a clear distinction between the marketing of complex financial products and the marketing of savings products; it is entirely unacceptable for someone who wants a deposit to end up with a high-risk derivative product, which is what has been happening until now."@en1

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