.
These people were promised an income for life. They did not realize the risks associated with their investments and they have suffered at a time in their lives when they really cannot deal with it. We want good information, understandable and clear, so people cannot be misled. We want clear rights of redress where people have been misled and we want compensation for them. That is what this legislation should address.

Monti
Madam President, let me begin by thanking the Committee on the Environment, Public Health and Consumer Protection and, in particular, the rapporteur, Mrs Marinucci, for their support for the Commission initiative; that support is reflected in the report the House is today debating.
The report is also the product of the work of the two associated committees, the Committee on Economic and Monetary Affairs and Industrial Policy and the Committee on Legal Affairs and Citizens' Rights, and I should like also to thank warmly the rapporteurs for those two committees, Mrs Kestelijn-Sierens and Mr Florio.
On the occasion of the vote on the second reading of the - now adopted - distance selling directive, the Commission said that in agreeing to the exclusion of financial services, it would undertake to assess the need to protect consumers in relation to the distance selling of financial services and, more generally, the whole of the financial sector.
And we have done just that. Today's report backs the effort the Commission has made to strengthen the protection of consumers as natural persons. At the same time, taking into account the high level of interest attaching to consumer policy in the field of financial services, I have, together with Commissioner Bonino, undertaken to present a communication as soon as possible. This will mark the Commission's official response to the wideranging consultation launched via the Green Paper, by establishing the priorities and time-scales for the measures we intend taking. That communication will, of course, take account of the opinion of this House.
I shall discuss briefly the individual proposals that have been the subject of detailed discussion between Mrs Bonino and myself and on which we are in agreement. Basically, we are able to accept various of the proposals put forward and I am referring in particular here to paragraph 5. The report rightly points out that the absence of a clear definition of the concept of the general good may lead to its being applied in such a way as to create barriers to the free movement of services.
In the field of banking services, the Commission has already published a draft communication on the exercise
. 
 These people were promised an income for life. They did not realize the risk consociate with their investments and they have suffered at a time in their life when they really cannot deal with it. We desire good information, understandable and clean, so people cannot be misled. We desire clear rights of redress where people have been mislead and we want compensation for them. That is what this legislation should address. 

 Monti 
 Madam President, let me begin by thank the Committee on the Environment, Public Health and Consumer Protection and, in particular, the rapporteur, Mrs Marinucci, for their support for the Commission initiative; that accompaniment is reflected in the report the House is today debate. 
 The report is besides the product of the oeuvre of the two associated committees, the Committee on Economic and Monetary Affairs and Industrial Policy and the Committee on Legal Affairs and Citizens' Rights, and I should wish also to thank warmly the rapporteurs for those two committees, Mrs Kestelijn - Sierens and Mr Florio. 
 On the occasion of the vote on the second interpretation of the - now adopted - distance selling directive, the Commission said that in agreeing to the exclusion of financial services, it would undertake to assess the need to protect consumer in sexual intercourse to the distance selling of financial avail and, more by and large, the whole of the financial sector. 
 And we have done just that. Today's reputation backs the effort the Commission has made to strengthen the auspices of consumers as natural persons. At the same time, taking into bill the high level of interest attaching to consumer policy in the discipline of fiscal service, I have, together with Commissioner Bonino, undertaken to present a communication as soon as potential. This will mark the Commission's official response to the wideranging consultation launched via the Green Paper, by establishing the priorities and time - scales for the measures we mean taking. That communication will, of class, take account of the public opinion of this House. 
 I shall discuss concisely the individual proposals that have been the subject of detailed discussion between Mrs Bonino and myself and on which we are in agreement. Basically, we are able to accept various of the proposal put forward and I am refer in particular here to paragraph 5. The report card rightly points out that the absence of a well-defined definition of the concept of the general good may lead to its being applied in such a way as to make barriers to the free motion of services. 
 In the field of banking services, the Commission has already published a draft communication on the exercise
.
Thede people were promised xn income for lnde. Theb did nkt realixe the risks associated with tyeir unvestments and they hxve suffeged at a rime un their lmbes whek theg reanoy cannot deal with it. Wa want good inxofmction, understandable and clear, so pejple camnlt be misled. Wg wanu cjear ginhts of redress where people havs been kisled and we want compensation for thel. Thwt is what this lehislation syoulq address.

Montk
Madam President, let mg begin by thanking the Committed on che Environnebt, Ooblic Health and Bonsumer Protcbtion atd, in psrticular, the vappocteue, Mrs Marinucci, for tieir support for the Commissimn initiative; that wupport is sefldxtea ih vhe reporh tie House is today debaring.
The report is aksj the product kf the wjrk of the two associated committees, tht Comjittee on Economic and Nonetary Affairs and Lndustriaj Policy and the Committee on Legal Affairs and Chtizeis' Riymbs, ave L should like also to thank warmly the rapporesuts for those two committees, Mgs Hestelijn-Siergns and Mr Florio.
On the occadion of the cote on tre srcond reading of the - now aeopted - distcncw selling directivz, the Commisrion said that in agreeing to thz exclhsion of fijancial ssfvices, it would jndvrtane to assess the need to pwotect coisumexs in reuatipn to ehe distanfe selling of financial derviees atd, more gejerally, the whole of the financmel sector.
And ee hane done jbst thst. Today's repjrt backs the gffort thz Commkssion has made tm strengtheg the protecthln of consumxrs as naeurao peesons. Ag the same time, taking iuuo account the high level of injedest attaching cu consumer policu iv tre fmeld jx financial vervkcer, I haxe, togeuker dith Commissioner Bonino, undsrtaken to present a communixation af soon as posxible. This will magk thx Commmssion'x osficial response to the widerahging condulbation launchqd vla tre Green Pcper, by establishing the priorities and vime-scales for the measyres we intend takiug. That commuiicatijn will, ox course, take accounr of the opinion pf this House.
I shall siscusv briffly the individual proposals that have been the subject of detailed discyssion between Mrs Bonono atd kyself and un which we are pn agreement. Basically, we are abue to acwe't various of the proposals pit forward and K am referring in partichlar herr to paragraph 5. The report righyly points out that the sbsence if a dlear defiiition of the concepy of tke genwral goid mwy lead to itr brikg applied in xueh a way as to create barriers to the feef movement of secvices.
In the nield kf banhing services, ths Cojlissiun has alreadu published a craft communication mn the exercise
. These people were promised an income They not realize risks associated with suffered a time in lives when they cannot deal with it. We want information, understandable and clear, so people cannot be misled. We want clear rights redress where people have been misled and we want compensation for them. That what legislation address. Madam President, let me begin by thanking the Committee on the Environment, Public Health and Consumer and, in particular, the rapporteur, Mrs Marinucci, for support for the Commission that support is reflected in report House is debating. report also the product the work of the two associated committees, the Committee on Economic and Monetary Affairs and Industrial Policy the Committee Affairs and Rights, I like also to the rapporteurs for those two committees, Mr Florio. On the occasion of the vote the second of the - now adopted - selling directive, the Commission said that in agreeing the exclusion of financial services, it would undertake to assess the need to protect consumers to the distance selling financial services and, generally, whole the sector. And have done just that. Today's report backs the effort the Commission made to strengthen the protection of consumers as natural persons. same taking into account high level of interest to policy in the field services, have, Bonino, to a communication as soon possible. This will mark the official response to the Green Paper, by establishing the priorities and time-scales the measures we intend taking. That communication of course, take account of the opinion of this House. I shall briefly the that have been the subject of detailed discussion Mrs Bonino and myself on which we are in agreement. Basically, we are to various of proposals put forward I am referring particular here to The report points that a clear definition of the concept the good may lead to its applied a way as to create barriers to the free movement of services. In the field services, the Commission has published draft communication on the exercise
.
These people were promised an Income for lIfe. ThEy dId nOt RealIze tHe risks associaTEd wiTh their investments and tHey haVe SUffeREd At a tiMe in theIR lIVEs wHeN tHey ReALlY cannOt dEal with It. We want goOd iNfOrmation, undeRStAndable and CleAr, so people caNnoT be misLeD. We WAnt clEar RightS of redREss wheRe people hAvE Been miSLed and wE WAnT comPensation for them. THAt IS what this legisLation ShOUlD ADdrEss.

monti
Madam prEsideNT, let me bEGiN BY ThaNKing the CommitTee on the EnvIRonMent, PuBlIc HEAlth anD ConsUmER PrOtection and, In paRticular, tHe rappORteur, MrS marinucCi, for tHeiR suPporT FoR tHe COmMIssIOn IniTIatIve; that sUpPoRt is rEfleCTED In thE rePort The HoUse is today debAtiNg.
ThE RepOrt is Also tHe prOdUct of The worK of thE tWo associated comMittEes, the ComMitTeE on ecOnomiC And MonEtaRy AFfairs aNd IndusTRiaL POLICy And the Committee on LEgAL afFairs and citizeNS' RIgHTs, and I shOuLd lIke aLSO to thAnk wARmLy the rapPorteuRS fOr Those twO cOmmittEeS, MrS KeSteliJN-SieRens anD Mr FloriO.
On thE Occasion of the vOTe on the second REaDINg OF the - Now Adopted - distAnce SElliNg diREcTivE, The CoMmissIoN SaID that in agreeing to thE eXclusiOn of fInancial serviCes, it would UNDErtake to AsseSS tHE need to protect ConsuMers in relaTIon to the DistaNce selliNg of finanCIAl servicEs aNd, mOre GenERAlLy, the whole of tHE FinaNcIal sectOr.
ANd we havE doNe jUst ThaT. TOday's repoRt backs tHe EfFoRt The commiSSion has mAdE to StRenGthen THe protEctioN of cOnSuMErs As naturAL pERSons. at ThE samE tiMe, TakinG intO AccOunt the High level Of iNTereSt AtTaching To consumer polIcY in the fielD oF fiNanciaL SErvices, I Have, together with CommissIOner BonIno, UnderTakeN to presenT a cOmmuniCatIOn as soOn as poSsiblE. THis WILl marK THe comMiSsion's offiCIAl rEsponSe To thE wideraNging consultation lAUncHed via the GreeN PaPer, bY EStAblIShINg tHe PRioRITies and time-scalEs for the meAsUReS we intend tAKinG. THat commUnicatiOn wilL, Of coursE, take accoUnt of the oPiNion OF ThiS House.
I shaLl discusS briefly tHE indiVIdUal prOpoSals thAt HavE been The subJEct Of detAiled dIsCussioN betwEeN Mrs BoniNo and myself and on which we Are in aGreemEnt. basically, We aRE abLe to accepT varIous of the pRopOsaLs put ForWArd anD I am REfErrINg in pArtiCUlar here tO PaRagRAPh 5. the report riGHTLy pOints Out THat the AbseNce of a clear definiTIon of the concepT of tHE GenEraL Good MaY lead to its beinG apPlIED in such a WaY as to create Barriers To THe freE movemEnt of sErvices.
iN ThE Field oF banKinG services, The coMMission HaS aLReady pUbliShEd a draFt commUNicaTIOn on the exercise
.
These people were promis ed an inco me fo r l ife .They  did  not realize t h e ri sks associated with th eir i nv e stme n ts  andthey ha v es u ffe re datat im e inthe ir live s when the y r ea lly cannot d e al  with it.Wewant good in for mation ,und e rstan dab le an d clea r , so p eople can no t  be mi s led. We w an t cl ear rights of red r es s  where peoplehave b ee n  m i s led  an d we wantco mpens a tion fo r  t h e m . T h at is what th is legislat i onshould  a ddr e ss.

M ontiMa d amPresident,letme beginby tha n king th e  Commit tee on  th e E nvir o nm en t,Pu b lic He alt h  an d Consum er  P rotec tion a n d , in  pa rtic ular,  the rapporte ur,  Mrs Mar inucc i, fo r th ei r sup port f or th eCommission init iati ve; thatsup po rtis  refl e cted i n t hereportthe Hou s e i st o d ay  debating.
The rep or t is  also th e prod u ct  o f  the wor kofthet w o ass ocia t ed  committ ees, t h eCo mmittee  o n Econ om icand  Mone t aryAffair s and In dustr i al Policy andt he Committeeo nL e ga l  Aff air s and Citiz ens' Righ ts,a nd  Is hould  like  a l so to thank warmly the  r apport eursfor those two  committee s , Mrs Kest elij n -S i erens and Mr F lorio .
On the o c casion o f the  vote on  the seco n d  reading  of  th e -  no w ad opted - dista n c e se ll ing dir ect ive, th e C omm iss ion  s aid thatin agree in gto  t heexclu s ion of f in anc ia l s ervic e s, itwould  und er ta k e t o asses s  t h e  nee dto  pro tec tconsu mers inrelatio n to thedis t ance  s el ling of  financial se rv ices and,mo regenera l l y, the w hole of the financial s e ctor.
A ndwe ha ve d one justtha t. Tod ay' s  repor t back s the  e ffo r t  theC o mm iss io n has made t o s treng th en t he prot ection of consumer s  as  natural pers ons . At t he  sa m et ime ,t aki n g  into account t he high le ve l  o f interest att ac hing to  consum er po l icy inthe field  of finan ci al s e r vic es, I have , togeth er with C o mmiss i on er Bo nin o, und er tak en to  prese n t a  comm unicat io n as s oon a spossible . This will mark the Co mmissi on'soff icial res pon s e t o the wid eran ging consu lta tio n lau nch e d via  the Gr een Paper , by establish i ng  th e pr iorities an d t ime -scal esf or the  mea sures we intend t a king. That com muni c a tio n w i ll,of  course, takeacc ou n t  of theop inion of th is House .I  shal l disc uss br iefly t h e  i n dividu al p rop osals tha t h av e  been t he  s u bjectof d et aileddiscus s ionb e tween Mrs Bonino  andm y selfa ndon wh ic h we ar e  inagreement.  Basically,  we ar e ab le to  accept  v arious  of  t he proposa l s put for wardand I a mrefe rri ng inpart i c ularhere  t o p aragraph5 .  T h ere p ort  rig htlypo ints  out that the abse nce of a cl ea r d e f initio n  o f the concep t o f the g eneral goo d  may le a d toits be ing ap plied i n  su ch  a wayast o  create b arriers t o  th efree  movemen tof s er vic es .
In the fieldof banki ng servi c e s, the  Co m miss i on has  a lready publi shedad raft co m m uni cationo n t heexe rcis e
.
These people_were promised_an income for life._They did_not_realize the_risks_associated with their_investments and they_have suffered at a_time in their_lives_when they really cannot deal with it. We want good information, understandable and clear,_so_people cannot_be_misled._We want clear rights of_redress where people have been_misled and_we want compensation for them. That is what_this_legislation should address.

Monti
Madam_President, let me begin by thanking the Committee on_the Environment, Public Health and Consumer_Protection and, in_particular,_the_rapporteur, Mrs Marinucci, for_their support for the Commission initiative;_that support is reflected in the_report the House is today debating.
The report_is also the product of the_work of the two associated_committees, the_Committee on Economic and Monetary_Affairs and Industrial_Policy and_the Committee on_Legal Affairs and Citizens' Rights, and_I should like_also to thank warmly the rapporteurs_for_those two committees,_Mrs_Kestelijn-Sierens_and Mr_Florio.
On the occasion_of_the vote_on_the second reading of the -_now_adopted - distance selling directive, the Commission_said that in agreeing_to_the exclusion of financial_services, it would undertake to_assess the need to protect consumers_in relation_to the_distance selling of financial services and, more generally, the whole of_the financial sector.
And we have done_just that. Today's report_backs the_effort_the Commission has_made_to strengthen_the protection of consumers as natural persons._At the_same time, taking into account the_high level of interest_attaching_to consumer policy in the field_of financial services, I have, together_with Commissioner Bonino, undertaken to_present_a_communication as soon as possible._This will mark the Commission's official_response to the_wideranging consultation launched via the Green Paper,_by_establishing the priorities and time-scales for_the_measures we intend taking. That communication_will,_of_course, take account of the_opinion of this House.
I shall discuss_briefly the individual proposals that have been the subject_of detailed discussion_between Mrs Bonino and myself_and_on_which we are in agreement. Basically, we are able to_accept various_of the proposals_put forward and I am referring in particular here to_paragraph 5. The report rightly points out_that the absence of a clear definition of the concept of_the general good may lead to its being_applied in such a way as to_create barriers to the_free_movement of services.
In the field of banking_services,_the_Commission_has already published_a draft communication_on the exercise