WRITTEN QUESTION No. 2862/98 by Karin RIIS-JØRGENSEN to the Commission. Distance selling of financial services
Date: 1998-09-14
Institutions: European Parliament, RIIS-JOERGENSEN
Subjects: EC Directive, approximation of laws, consumer protection, credit institution, distance selling, drafting of EU law, financial institution, proposal (EU), restriction on competition, single market

15.10.1999

EN

Official Journal of the European Communities

C 297/29

(1999/C 297/038)

WRITTEN QUESTION E-2764/98

by Armelle Guinebertière (UPE) to the Commission

(10 September 1998)

Subject: Cessation of work on the proposal for a directive on the distance selling of financial services

On several occasions the Commission has emphasised the pressing need for legislation on the distance selling
of financial services. This stemmed from a legitimate desire to harmonise legislation within the European
Union, improve consumer protection and achieve fairer competition among the professionals. The Austrian
Presidency also seemed committed to these goals.

However, the Commission has just decided not to continue the work on drawing up a directive in this area. If
the existing legal void persists, it is to be feared that the European citizen will be unable to make sense of this
business and that obtaining consumer credits, mortgages, shares and insurance cover will not be made any
easier.

In these circumstances, how does the Commission intend to defend consumers’ interests at a time when the
euro is being celebrated?

(1999/C 297/039)

WRITTEN QUESTION P-2862/98

by Karin Riis-Jørgensen (ELDR) to the Commission

(14 September 1998)

Subject: Distance selling of financial services

Financial services were originally to have been covered by the general directive on distance selling but when
this was no longer so the European Parliament called on the Commission to draw up a separate directive on
financial services. The draft directive was rejected on 15 July 1998. This means in practice that the general
consumer will find it difficult to benefit from the internal market in financial services and thus from the
introduction of the Euro on the financial markets.

What are the Commission’s grounds for excluding the financial sector from the internal market? Why did the
Commission choose to reject the draft directive on financial services? Finally, how does the Commission intend
to remedy the situation in which consumers have now been left?

Joint answer
to Written Questions E-2764/98 and P-2862/98
given by Mr Monti on behalf of the Commission

(17 November 1998)

On 14 October 1998 the Commission adopted a proposal for a Directive on distance contracts concluded
between suppliers and consumers for financial services (1). This proposal is now being examined by Parliament
under the co-decision procedure.

(1) COM(98) 468.

(1999/C 297/040)

WRITTEN QUESTION E-2773/98

by (Hanja) Maij-Weggen (PPE) to the Commission

(14 September 1998)

Subject: Subsidy for nature conservation areas in the Netherlands

According to the Dutch media (De Telegraaf of 28 July 1998) the Netherlands failed to take up substantial EU
subsidies because the Commission was not notified in good time of nature conservation areas.

Can the Commission confirm this?