WRITTEN QUESTION No. 876/97 by Amedeo AMADEO to the Commission. Green Paper on financial services and consumers
Date: 1997-03-12
Institutions: AMADEO, European Parliament
Subjects: banking, consumer information, consumer protection, dissemination of information, financial legislation, financial market, insurance, securities, single market, user guide













EUR-Lex - 91997E0876 - EN






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91997E0876

WRITTEN QUESTION No. 876/97 by Amedeo AMADEO to the Commission. Green Paper on financial services and consumers  


Official Journal C 373 , 09/12/1997 P. 0033 





WRITTEN QUESTION E-0876/97 by Amedeo Amadeo (NI) to the Commission (12 March 1997)Subject: Green Paper on financial services and consumersWith regard to the Green Paper 'Financial Services: Meeting Consumers' Expectations' (COM(96) 209 final), in view of the difficulties for consumers caused by the complexity of many financial services and the legislation on the subject, could the Commission draw up a publication to be widely distributed, making the main provisions contained in the 50 directives on financial matters easier to understand?Answer given by Mr Monti on behalf of the Commission (14 May 1997)The Commission recently launched a series of new initiatives aimed at making more information available to consumers, particularly in the field of financial services.For instance, the 'Citizens First' initiative, launched in November 1996, is designed to inform individuals of their rights and opportunities in the Community-wide single market. As part of this initiative, three guides were produced on the rights of individuals to work, live and study in another Member State. Four further guides are currently being drawn up that deal with purchasing goods and services within the single market, travelling to another Member State, health protection and equality of treatment as between men and women. As regards the actual question put by the Honourable Member, the guide on purchasing goods and services within the single market will also include a description of fundamental consumer rights in the field of financial services (insurance, banking services and securities).In this connection, the Commission has also produced and distributed a European consumer guide to the single market that explains the European dimension of consumer protection and provides a concise description of consumer rights in the Community-wide market. The guide contains a section that deals specifically with financial services.As for the Green Paper 'Financial Services: Meeting Consumers' Expectations' ((COM(96) 209 final. )), referred to by the Honourable Member, its primary objective was to describe fundamental consumer rights in the field of financial services while, at the same time, sounding out interested parties with a view to assessing whether new measures are needed to provide proper protection for consumers. The numerous responses and written comments that the Commission has received attest both to the importance and to the expediency of such action. The Commission is about to publish a communication ((COM(97). )) on the follow-up to the Green Paper and to respond to the concerns voiced by interested parties. The communication will spell out the Commission's priorities in this area and, more particularly, the initiatives it intends to launch, together with the timetable envisaged.