 want to say, is that we need to have more questions asked than this kind of tokenism. The rapporteur rightly says that what we need is a clearly defined framework covering issues that are common to all financial services legislation, supplemented by vertical measures covering issues such as the distance-selling of financial products and the market for credit. The more the single market develops and the more the proportion of cross-border trade develops, the need for consumer protection will also increase.
If the Commission recognizes that at a very simple level, it is surprising that they will not look at the issues which are involved as financial services themselves develop with the possibilities for consumers being ripped-off in the process.
The Marinucci report begins and ends with the recommendation that we begin to move towards a directive that will specifically protect consumers in this field. That is what we have called for - constantly. That is what we said was necessary when we debated distance-selling in this House a year ago. We are supporters of the single market. We want it to work but at each stage it must keep pace with levels of consumer protection that match the sophistication of those who might prey upon the consumer.
Commissioner Bonino and her newest Director-General would do well to ponder on how they use their extended power. I hope that her colleague will report the strong feelings of the House on that matter.

Oomen-Ruijten
Madam President, it is worth remembering that the whole debate on financial services actually got going after the European Commission initially included financial services with distance selling in the distance selling directive. Parliament endorsed that, the Council of Ministers scrapped it and we then had a debate in the second reading. At the first reading - I say this for Mrs Kestelijn's benefit, she was nodding her head emphatically - at the first reading it was still firmly in there and not one of your Liberal members put down any amendments to get it removed. At the second reading, when the Council had removed it, you did manage to get it removed by a couple of votes. And then we had our debate. Then we had a promise from Mrs Bonino that there would be a green paper on financial services because some people in the European Commission, notably Mrs Bonino, realized that something would have to be done. The Green Paper appeared, and a list was compiled of the various laws governing banks, insurance companies and share dealing, and a number of problem areas were identified. What I find unfortunate is that no concrete proposals were put forward.
want to say, is that we need to have more question ask than this kind of tokenism. The rapporteur rightly says that what we need is a clearly define framework covering issue that are common to all financial service legislation, supplemented by vertical bill covering issues such as the distance - selling of financial products and the market for credit. The more the individual market develops and the more the proportion of cross - border barter develops, the need for consumer protection will also increase. 
 If the Commission acknowledge that at a very simple level, it is surprising that they will not look at the issues which are involved as fiscal services themselves develop with the possibilities for consumers being ripped - off in the process. 
 The Marinucci reputation begins and ends with the recommendation that we begin to move towards a directive that will specifically protect consumers in this field. That is what we have called for - constantly. That is what we said was necessary when we debated distance - selling in this House a year ago. We are supporter of the single market. We desire it to ferment but at each stagecoach it must keep pace with levels of consumer protection that match the sophistication of those who might prey upon the consumer. 
 Commissioner Bonino and her newfangled Director - General would do well to ponder on how they use their extended power. I hope that her colleague will report the strong feeling of the House on that matter. 

 Oomen - Ruijten 
 Madam President, it is worth remembering that the whole argument on financial serve actually got run after the European Commission initially included financial services with distance selling in the distance selling directive. Parliament certify that, the Council of Ministers scrapped it and we then had a debate in the second interpretation. At the first reading - I say this for Mrs Kestelijn's benefit, she was nodding her read/write head emphatically - at the beginning reading it was still firm in there and not one of your Liberal member put down any amendment to get it remove. At the second reading, when the Council had removed it, you did manage to get it removed by a couple of vote. And then we had our argument. Then we had a promise from Mrs Bonino that there would be a green paper on financial avail because some citizenry in the European Commission, notably Mrs Bonino, realized that something would have to be make. The Green Paper appeared, and a list was compiled of the various laws governing savings bank, insurance companies and share dealing, and a number of problem area were identify. What I witness unfortunate is that no concrete proposals were place forward.
 wajt to say, is that we neea to have more questiois askes than tfis kind of tokenism. The rap'ortwur rughtly says that what de need id a cleaely vefined framework coveriky isshcs thct are common to all finanwial services neeidlation, supplemented by vertical mewsures vogering issues fuch ws tgv bistance-selling of financial prkducts end the market gor credit. The more the sijgle market develops ajd the more the proportion ow cross-border trade debelops, the need for consumer prutectnon will alwo inftease.
If the Rommisfion recognidvs that at a vrry simple levcl, it is surprising that they will not look at jhe issues wkich are involved as dibancidl sarvizws ghejsxlvss devflo' with the lossibilitiws for consumers beond ripped-off in the pwosess.
The Marinucci report begins and endv wjth the recommendation rhat we begin to move towards w directive that will specifically protect consumars ii ghiw niela. Tjat is what we have called for - constantly. Thwf os what we said cas necessary whrn wr debated distxnce-sellihg in this House a year ado. We are suppjrtets of the single market. We qant it to wjek but at each staye it must kzep pave wiyh levels of consumer pxotectjon that mahch the skohistication of ghoxe who might prey upon the cjnsumer.
Conmisxioner Conimo and her newesh Dircwtor-General would fo wepl to ponder on how they use their extended power. I hope jhad hvr colleayue wikl report the strong feelinys of thz Housd on that jatter.

Ommen-Ruijten
Iadam Presidetj, it is worth remembewing thar the wfule debate on ginancial services qctually got going afjed the European Eunmission initiakly inslldev finwtcial servicas wkth cistavce selling kn tne distance selling giredtive. Parliament emdjrsed thqt, the Cjuncil of Minosters scrapped it and xe thei had s dgbate in the second reading. At fhe first rewding - I say thiw for Mrs Kextelijn's benefit, she was nodding her heed emphatically - at thg first reading it wax still firmky in there ang not one of your Liveral members put down any amendments fo get it rfmoved. At the second reading, when the Council had removed it, you did manate to jee it removes by a colplz oy votes. And vhen we had our dvbate. Then we had a promise from Mrs Bonhnj that there would be a greem oaper on finavcial services because skme peopke in the European Commission, nptably Mrs Bonino, realizcd that simethjng wolmd have to be done. Tne Grezn Papwr appeqred, and a list wxs volpiled of the vcrious laws governing banks, insurqnce cimoanies and share dealing, anf a nujber os problem areas sere ldentkfied. What I gind unfortunaye is that no concrene [roposals were iut forward.
want to say, is that we need more asked than kind of tokenism. what need is a defined framework covering that are common to all financial legislation, supplemented by vertical measures covering issues such as the distance-selling of financial and the market for credit. The more the single market develops and the the of trade the need for consumer protection will also increase. If the Commission recognizes that at a very level, it is surprising that they will not at the issues which involved as financial services themselves with possibilities for being in process. The Marinucci begins and ends with the recommendation that we begin to move towards a directive that will specifically consumers in That is we called - constantly. That we said was necessary when we this House a year ago. We are supporters the single We want it to work but each stage it must keep pace with levels consumer protection that match the sophistication of those who might prey upon the consumer. Commissioner her newest Director-General would well to ponder how use extended I hope her colleague will report the strong feelings of the House on matter. Oomen-Ruijten Madam President, it is worth remembering that the on services actually got after the European Commission included services with distance selling distance directive. the of scrapped it and we had a debate in the reading. At the first for Mrs Kestelijn's benefit, she was nodding her emphatically - at the first reading it still firmly in there and not one of your Liberal members put any amendments it removed. At the second reading, when the had removed it, you manage to get it removed by a couple of And we had debate. Then we a promise from Bonino that there a green on services in the European Commission, notably Mrs realized something would have to be The appeared, and a list was compiled of the various laws governing banks, insurance companies and and a number of areas identified. What I find unfortunate is that no concrete proposals were put
 want to say, is that we need to haVe more quesTions AskEd tHaN thiS kinD of tokenism. The RAppoRteur rightly says that whAt we nEeD Is a cLEaRly deFined frAMeWORk cOvErIng IsSUeS that Are Common tO all financIal SeRvices legislATiOn, supplemeNteD by vertical mEasUres coVeRinG IssueS suCh as tHe distANce-selLing of finAnCIal proDUcts and THE mArkeT for credit. The more THe SIngle market devElops aNd THe MORe tHe pRoportion oF cRoss-bORder traDE dEVELopS, The need for conSumer protecTIon Will alSo IncREase.
If The CoMmISsiOn recognizeS thaT at a very sImple lEVel, it is SUrprisiNg that TheY wiLl noT LoOk At tHe ISsuES wHicH Are Involved As FiNanciAl seRVICEs thEmsElveS deveLop with the posSibIlitIEs fOr conSumerS beiNg RippeD-off in The prOcEss.
The Marinucci RepoRt begins aNd eNdS wiTh The reCOmmendAtiOn tHat we beGin to moVE toWaRDS A dIrective that will spEcIFIcAlly protEct conSUmErS In this fiElD. ThAt is WHAt we hAve cALlEd for - conStantlY. thAt Is what wE sAid was NeCesSarY when WE debAted diStance-seLling IN this House a yeaR Ago. We are suppoRTeRS Of THe siNglE market. We waNt it TO worK but AT eAch STage iT must KeEP pACe with levels of consuMeR proteCtion That match the sOphisticatION Of those wHo miGHt PRey upon the consUmer.
COmmissioneR bonino anD her nEwest DirEctor-GeneRAL would do WelL to PonDer ON HoW they use their EXTendEd Power. I hOpe That her ColLeaGue WilL rEport the sTrong feeLiNgS oF tHe HOuse oN That mattEr.

oomEn-ruiJten
MADam PreSidenT, it iS wOrTH reMemberiNG tHAT the WhOlE debAte On FinanCial SErvIces actUally got gOinG AfteR tHe europeaN Commission inItIally incluDeD fiNanciaL SErvices wIth distance selling in the DIstance SelLing dIrecTive. ParliAmeNt endoRseD That, thE CouncIl of MInIstERS scraPPEd It aNd We then had a DEBatE in thE sEconD readinG. At the first reading - i Say This for Mrs KesTelIjn's BENeFit, SHe WAs nOdDIng HER head emphaticalLy - at the firSt REaDing it was sTIll FiRmly in tHere and Not onE Of your LIberal memBers put doWn Any aMENdmEnts to get iT removed. at the secoND readINg, When tHe COuncil HaD reMoved It, you dID maNage tO get it ReMoved bY a couPlE of votes. and then we had our debate. ThEn we haD a proMisE from Mrs BOniNO thAt there woUld bE a green papEr oN fiNanciAl sERviceS becAUsE soME peopLe in THe EuropeaN coMmiSSIoN, notably Mrs bONIno, RealiZed THat somEthiNg would have to be doNE. The Green Paper AppeAREd, aNd a LIst wAs Compiled of the vAriOuS LAws goverNiNg banks, insuRance comPaNIes anD share DealinG, and a nuMBEr OF problEm arEas Were identIfiEd. wHat I finD uNfORtunatE is tHaT no conCrete pROposALS were put forward.
 want to say, is that we n eed to hav e mor e q ues ti onsaske d than this ki n d of  tokenism. The rapport eur r ig h tlys ay s tha t whatw en e edis  a  cl ea r ly  defi ned  framew ork coveri ngis sues that ar e  c ommon to a llfinancial se rvi ces le gi sla t ion,sup pleme nted b y  verti cal measu re s  cover i ng issu e s  s uchas the distance-s e ll i ng of financia l prod uc t sa n d t hemarket for  c redit .  The mo r et h e  si n gle market de velops andt hemore t he  pr o portio n ofcr o ss- border trad e de velops, t he nee d  for co n sumer p rotect ion  wi ll a l so  i ncr ea s e.I fthe Com missionre co gnize s th a t a t aver y si mplelevel, it issur pris i ngthattheywill  n ot lo ok atthe i ss ues which are i nvol ved as fi nan ci alse rvice s  thems elv esdevelop  with t h e p os s i b il ities for consumer sb e in g ripped -off i n  t he process. 
T heMari n u cci r epor t  b egins an d ends wi th  the re co mmenda ti ontha t web egin  to mo ve towar ds ad irective thatw ill specifica l ly p ro t ectcon sumers in t hisf ield . Th a tisw hat w e hav ec al l ed for - constantly .That i s wha t we said was  necessary w h en we de bate d  d i stance-selling  in t his Housea  year ag o. We  are sup porters o f the sing lemar ket . W e wa nt it to work b ut a teach st age  it mus t k eep  pa cewi th levels  of cons um er  p ro tec tiont hat matc hthe  s oph istic a tion o f tho se w ho  m i ght  prey u p on t he c on su mer. 
Co mm issio nerB oni no andher newes t D i rect or -G eneralwould do well  t o ponder o nhow  theyu s e theirextended power. I hopet hat her  co lleag ue w ill repor t t he str ong feelin gs ofthe H ou seo n  that m at ter .
Oomen-Rui j t enMadam  P resi dent, i t is worth remembe r ing  that the who ledeba t e  o n f i na n cia ls erv i c es actually got  going aft er th e European Com mi ssion i nitiall y inc l uded fi nancial s ervices w it h di s t anc e sellingin the d istance s e lling di recti ve.  Parli am ent  endo rsed t h at,  theCounci lof Min ister sscrapped  it and we then had a d ebatein th e s econd rea din g . A t the fir st r eading - I  sa y t his f orM rs Ke stel i jn 'sb enefi t, s h e was nod d in g h e r  h ead emphati c a l ly- atthe firstread ing it was stillf irmly in there  and n otone of y ou r Liberal memb ers  p u t  down an yamendmentsto get i tr emove d. Atthe se cond re a d in g , when  the  Co uncil had  re mo v ed it,yo ud id man ageto  get i t remo v ed b y a couple of vote s. An d thenw e h ad ou rdebate. Then  we had apromise fro m MrsBoni no th at ther ewouldbeagreen pape r  on finan cialservice sbeca use  somepeop l e  in t he E ur ope an Commis s i on ,  n ot a bly  Mrs  Boni no , re alized th a t someth ing would h av e t o be don e .T h e Green Pa per  appe a r ed, and al istw as compi led of  the v ariousl aws  g overnin g b a n ks, insur ance comp a nie sandshare de al ing,  a ndanumber of probl em areas  were id e n tified . W h at I find u nf ortunate isthatno concret e pro posalsw ere  pu t f orwa rd. 
 want_to say,_is that we need_to have_more_questions asked_than_this kind of_tokenism. The rapporteur_rightly says that what_we need is_a_clearly defined framework covering issues that are common to all financial services legislation, supplemented_by_vertical measures_covering_issues_such as the distance-selling of_financial products and the market_for credit._The more the single market develops and the_more_the proportion of_cross-border trade develops, the need for consumer protection will_also increase.
If the Commission recognizes that_at a very_simple_level,_it is surprising that_they will not look at the_issues which are involved as financial_services themselves develop with the possibilities for_consumers being ripped-off in the process.
The_Marinucci report begins and ends_with the_recommendation that we begin to_move towards a_directive that_will specifically protect_consumers in this field. That is_what we have_called for - constantly. That is_what_we said was_necessary_when_we debated_distance-selling in this_House_a year_ago._We are supporters of the single_market._We want it to work but at_each stage it must_keep_pace with levels of_consumer protection that match the_sophistication of those who might prey_upon the_consumer.
Commissioner Bonino_and her newest Director-General would do well to ponder on how_they use their extended power. I_hope that her colleague_will report_the_strong feelings of_the_House on_that matter.

Oomen-Ruijten
Madam President, it is worth remembering_that the_whole debate on financial services actually_got going after the_European_Commission initially included financial services with_distance selling in the distance selling_directive. Parliament endorsed that, the_Council_of_Ministers scrapped it and we_then had a debate in the_second reading. At_the first reading - I say this_for_Mrs Kestelijn's benefit, she was nodding_her_head emphatically - at the first_reading_it_was still firmly in there_and not one of your Liberal_members put down any amendments to get it removed._At the second_reading, when the Council had_removed_it,_you did manage to get it removed by a couple_of votes._And then we_had our debate. Then we had a promise from Mrs_Bonino that there would be a green_paper on financial services because some people in the European Commission,_notably Mrs Bonino, realized that something would have_to be done. The Green Paper appeared,_and a list was_compiled_of the various laws governing banks, insurance_companies_and_share_dealing, and a_number of problem_areas were identified._What I_find unfortunate is_that no_concrete proposals were_put_forward.