91998E2862

WRITTEN QUESTION P-2862/98

by Karin Riis-Jørgensen (ELDR) to the Commission

(14 September 1998)

Subject: Distance selling of financial services

Financial services were originally to have been covered by the general directive on distance selling but when this was no longer so the European Parliament called on the Commission to draw up a separate directive on financial services. The draft directive was rejected on 15 July 1998. This means in practice that the general consumer will find it difficult to benefit from the internal market in financial services and thus from the introduction of the Euro on the financial markets.

What are the Commission's grounds for excluding the financial sector from the internal market? Why did the Commission choose to reject the draft directive on financial services? Finally, how does the Commission intend to remedy the situation in which consumers have now been left?

Joint answer

to Written Questions E-2764/98 and P-2862/98 given by Mr Monti on behalf of the Commission

(17 November 1998)

On 14 October 1998 the Commission adopted a proposal for a Directive on distance contracts concluded between suppliers and consumers for financial services(1). This proposal is now being examined by Parliament under the co-decision procedure.

(1) COM(98) 468.