Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-10-12-Speech-3-281-000"
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"en.20111012.20.3-281-000"2
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"Madam President, the financial crisis has shown that consumer confidence in the financial system can be quickly undermined. This is particularly true where there are no adequate compensation procedures in place if consumers suffer losses as a result of the failure of financial institutions. Insurance guarantee schemes can be a valuable instrument for reducing the risks that insured persons are exposed to if an insurance company fails and becomes insolvent. Insurance guarantee schemes often vary, however, as regards the cover. For this reason, there are varying levels of protection for insured parties in the individual Member States.
There are also substantial differences in other aspects influencing the scope of protection provided, and also in the operating procedures and methods of funding. In my opinion, a unified level of consumer protection should be ensured, in order to maintain consumer confidence in the insurance industry, and in the single market for financial services. Consumers could then be sure that all the types of insurance product they purchase would be covered by insurance guarantee schemes, and that these schemes would ensure 100% compensation for them within a set period of time, on a unified basis throughout the EU."@en1
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