04 October 2001

Final Report of EP on Commission Communication on E-Commerce and Financial Services

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The EP adopted the resolution by Christopher Huhne. It calls on the commission to enforce the e-commerce directive proactively and vigorously and calls on the financial service regulators in different member states to work closely together to ensure consistent implementation and interpretation of all legislation relating to e-commerce and financial services.
The report pointed out that there were a number of issues relating to financial services, such as the rules affecting insurance, the advertising of unit trusts and electronic money, which needed to be reviewed and updated. Furthermore, there was concern that some member states wanted to undermine the 'country of origin' principle and introduce new national rules to restrict competition. The report therefore emphasised the importance of the country of origin principle applying to financial services as a means of ensuring high standards of consumer protection. At the same time, the committee was anxious to see some form of uniform protection, wherever possible, in order to avoid distortions of the market. The commission was urged to lay down a clear timetable for the removal of derogations relating to consumer contracts and insurance as well as the advertising of unit trusts. There was also concern that recent moves by the commission regarding the dispute procedure for consumer contracts could undermine the country of origin principle.

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