WRITTEN QUESTION No. 2026/98 by Ian WHITE to the Commission. Self-regulation of banking - Petition No. 1227/95
Date: 1998-06-30
Institutions: European Parliament, WHITE
Subjects: bank, conciliation, consumer information, credit transfer, economic transition, financial institution, frontier region













EUR-Lex - 91998E2026 - EN






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91998E2026

WRITTEN QUESTION No. 2026/98 by Ian WHITE to the Commission. Self-regulation of banking - Petition No. 1227/95  


Official Journal C 135 , 14/05/1999 P. 0012 





WRITTEN QUESTION E-2026/98by Ian White (PSE) to the Commission(30 June 1998)Subject: Self-regulation of banking - Petition No 1227/95The Commission's response to the above petition mentioned "A hearing ... held in Brussels on 6 November". Would the Commission be able to provide a written report of that hearing, giving its findings and conclusions, and is the Commission now in a position to advise whether it will be "proposing measures in certain areas in the near future or medium term" and to advise what such measures might be?Answer given by Mr Monti on behalf of the Commission(9 November 1998)The findings and conclusions of the hearing to which the Honourable Member refers are presented in the Commission's communication Financial services: Enhancing consumer confidence, of 26 June 1997 (1).That communication sets out the results of a consultation process which the Commission launched in May 1996 with its Green Paper Financial Services: Meeting consumers' expectations(2), and the observations put forward at the hearing of interested parties - financial services industry, consumer organisations and Member States - that took place on 6 November 1996.In the communication the Commission argues that action has already been taken to tackle some of the problems identified, for example regarding cross-border credit transfers(3). But in other cases it considers that new initiatives, legislative or voluntary, will be needed in order to give full effect to the single market and to meet consumers' expectations.The Commission has since adopted a good many of the measures foreshadowed in the communication. Examples are the proposal for a directive on insurance for motorists travelling abroad, which the Commission put forward in July 1997, and the recommendation of July 1997 concerning transactions by electronic payment instruments and in particular the relationship between issuer and holder(4). In July 1998 the Commission adopted a proposal for a directive on electronic money aimed at establishing a legislative framework for business of this kind.Following on from the 1997 communication the Commission has also launched a voluntary initiative, a dialogue intended to enable the parties concerned to reach voluntary agreements on consumer information and consumer access to appeal machinery. In the course of 1997 and 1998 a particular subject of discussion was consumer information in the mortgage credit sector. A voluntary agreement on this point may be reached before the end of the year.The Commission is currently examining other initiatives. These include the forthcoming directive on consumer credit and measures in respect of intermediaries.Lastly, the Commission is drawing up a proposal for a directive on distance selling of financial services. The proposal would seek to improve the operation of the single market in this area, and to provide effective protection for consumers; it will be adopted in the next few months.(1) COM(97) 309final.(2) COM(96) 209final.(3) OJ L 43, 14.2.1997.(4) COM(97) 353final.