Local view for "http://purl.org/linkedpolitics/eu/plenary/2016-11-21-Speech-1-098-000"
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"en.20161121.13.1-098-000"2
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"Mr President, my Group supports Parliament’s response to the Commission Green Paper on retail financial services. The report rightly points out that a single approach to retail services across the EU would be counter-productive at the moment, given the diversity of actors and the different products on the market, which are often tailored to local markets.
However, there are definitely improvements that can be made to the status quo, which the report highlights. For example, I am pleased that our amendments calling for the sector to work better for consumers, start—ups, investors and SMEs through delivering a healthy and competitive environment were adopted. I also support the emphasis placed on the simplification of legislation, the opportunities for digitalisation and fintech, the benefits of switching, and the financial education of consumers.
We do, though, have concerns. For example, the creation of a common tax identification number is not something I support, as it goes beyond the competences of the EU. For this reason my Group will vote against this provision. I am also baffled as to why there are calls in this report for more Member States to adopt the euro. That has nothing to do with this report. I will also not be supporting amendments from colleagues calling on the European supervisory authorities to increase their activities on consumers’ and retail investors’ issues. We need to be careful about duplication of existing structures in Member States and ensure that taxpayers’ money is well spent.
The call to intensify work against geoblocking in the financial sector should not be legislative at this stage. My Group agrees with the Commission approach of a financial services carve-out, due to its complexity. On the whole, this is a good report with some positive recommendations for the retail financial services sector and we thank Mr Ludvigsson for his good work."@en1
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