Extracts from the press conference by Michel Barnier on legislative initiatives in the financial services sector to boost investment and improve consumer protection
Type: Summary of press conference
End production: 03/07/2012 First transmission: 03/07/2012
On 3 July 2012, Michel Barnier, Member of the EC in charge of Internal Market and Services, presented a legislative package that raises standards and removes loopholes for the benefit of consumers. Specifically, the package proposes new, consumer-friendly standards for information about investments, raises standards for advice, and tightens certain rules on investment funds to ensure their safety.
The package is composed of three legislative proposals: a proposal for a regulation on key information documents for packaged retail investment products (PRIPS), a revision of the Insurance Mediation Directive (IMD), and a proposal to boost protection for those who buy investment funds (currently governed by the Directive on Undertakings for Collective Investment in Transferable Securities (UCITS).
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||Arrival of Michel Barnier, Member of the EC in charge of Internal Market and Services, at the press conference
||Soundbite by Michel Barnier (in FRENCH) saying that the European Commission has adopted three key proposals; first of all on retail investments products which are known as PRIBS (Packaged retail investment products)
||Soundbite by Michel Barnier (in FRENCH) saying that the proposal consists essentially of ensuring that the consumers are obliged to be given a simple standardized information sheet on the product concerned whether if it is about an investment fund, a private pension product, a structural loan or a life insurance.
||A Journalist asking a question
||Soundbite by Michel Barnier (in FRENCH) saying that they are proposing today to strengthen savers guarantees in the following ways: Only credit institutions or authorized and supervised investment funds with sufficient funding, only these authorized and correctly supervised and sufficiently funded will be able to have authorisation to act as depositor (2 shots)
||Michel Barnier at the press conference
||Soundbite by Michel Barnier (in FRENCH) saying that they are thinking about asking intermediaries to give details on the nature and the structure of their remuneration to see what link it may be with their assurance companies and could influence their impartiality.
||Departure of Michel Barnier