02 April 2008

IMCO meeting 1-2 April

Exchange of views with Commissioner Kuneva: Consumer Scoreboard

Commissioner Kuneva outlined the concept of the consumer scoreboard which will be a statement on the performance of markets from the consumer perspective. The overall objective is the integration of the still existing 27 retail markets. Cross-border trade and distance-selling are of particular importance. Sector specific inquiries showed either a lack of competition or regulatory inefficiencies.

With regard to enforcement and redress Mrs Kuneva also announced a consultation on an EU system to classify complaints later this year. A Commission report on collective redress is also expected towards the end of the year.

The Committee generally welcomed the scoreboard. However, Malcolm Harbour (EPP/UK) was worried about some of the principles as they can be misleading on the level on competitiveness. In particular he criticized the simple collection of prices that might not be comparable, and the level of consumer switching as indicators for functioning markets. Andreas Schwab (EPP/DE) pointed to other factors that might distort or hinder a common market such as different taxes and taxation systems in member states.

Commissioner Kuneva finally made clear that she does not intend to impose any legislation but favours Codes of Conducts, if necessary.

Speech Kuneva

Green Paper on Retail Financial Services, Vote

IMCO Committee adopted the Opinion on the Green Paper on Retail Financial Services prepared by Olle Schmidt (ALDE/SWE). Committee adopted among others two compromise amendments (CA 1+2) and amendment 25.

The final text will be available soon.

© Graham Bishop