Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-04-Speech-1-101-000"

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"Madam President, Mr Schmidt, ladies and gentlemen, may I express my thanks for your positive cooperation and also for the position that you took on this. This reform of the directive on the protection afforded to investors is necessary in order to improve consumer protection in the financial markets. We have experienced a number of major scandals. This reform is a consequence of those scandals. I would also like to thank the Commission for having tabled a strong, demanding proposal. I should like to briefly discuss two points on which there was not a consensus. Mr Barnier, you mentioned the issue of bad advice. Ultimately we agreed that it makes sense to include this in the directive. We are not saying that the definition of bad advice and the structures for preventing bad advice belong in the directive, because naturally they belong in the Markets in Financial Instruments Directive (MiFID); however, if an undertaking demonstrably gives bad advice and cannot be held liable for this – perhaps because it has already gone bankrupt – then there is no financing for that at present. Until now, there has been no protection for the savers who suffer as a result. Representatives of the Commission also appeared to be very open to this in the discussions and consultations that took place in the Committee on Economic and Monetary Affairs. I would therefore ask you, Mr Barnier, to now once more reconsider your position of rejecting this. We will also need to look at this matter again in the context of the Undertakings for Collective Investment in Transferable Securities Directives (UCITS). Thank you for being willing to accommodate this. One central issue in my view, however, is that there is currently a blocking minority in the Council. The German Government is part of this minority. It should reconsider again whether it really wants to maintain this blocking minority. We need this reform of the directive on protection for investors. After the crisis we have been through our citizens will find it incomprehensible if consumer protection remains weak."@en1

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