Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-10-12-Speech-3-288-000"
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"en.20111012.20.3-288-000"2
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"The recent economic downturn and the absence of proper compensation mechanisms for consumers’ losses have, beyond doubt, adverse implications for consumer and citizens’ confidence in the financial sector. Consumers are one of the most vulnerable groups in the financial crisis and need to be reassured that their money and savings are secured. In order to effectively improve citizens’ confidence, protect consumers’ and taxpayers’ rights, and enhance market stability, European institutions must take urgent actions and build a common cross-boarder framework for IGS, without undermining the protection already offered by some Member States. The IGS should fully take into account consumer interests by providing high degrees of effective, equal and adequate levels of consumer protection. The Commission should ensure that existing legislation really benefits consumers, especially with regard to the provision of information and facilitating cross-border contact and payments. The information available to consumers in the event of an insurer’s insolvency should be easily accessible, comprehensive and easy to follow, with clear indications as to which authority the consumer should approach when making claims or enquiries. Last but not least, an appropriate target level of funding should be set, with a suitable transition period in order to guarantee that the schemes compensate consumers effectively over a wide range of circumstances."@en1
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