Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-10-25-Speech-4-371-000"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2012-10-25"^^xsd:date2
dcterms:Is Part Of	lp_eu:Markets in financial instruments and repeal of Directive 2004/39/EC - Markets in financial instruments and amendment of the EMIR Regulation on OTC derivatives, central counterparties and trade repositories (debate)2
dcterms:Language	"en"^^xsd:language2
lpv:document identification number	"en.20121025.28.4-371-000"2
lpv:hasSubsequent	lp_eu:2012-10-25-Speech-4-372-0002
lpv:speaker	lp:Arlene McCARTHY2
lpv:spoken text	"Mr President, I want to thank Mr Ferber and the shadow rapporteurs for making substantial and innovative improvements to the Market and Financial Instruments Directive. But I want to focus in 90 seconds on two minor but highly significant areas where the citizens of Europe are demanding that we go further than the compromises that are on the table on investor protection and excessive speculation on the commodity markets. Across Europe, consumers have been victims of the mis-selling of investment advice because of this perverse incentive in the commission inducement system which creates a bias towards products paying the highest level of commission and away from the best interests of the client or the investor. Studies by the German Institute of Consumer Policy show that disclosure and transparency do not work. There is clear evidence that consumers do not trust the independence of the advice if inducements are paid to push a particular product. So a ban is the only way to remove this conflict of interest and give strong protection to the investor. Many Member States – the Netherlands, Finland, Denmark, Sweden, Belgium – have recognised this and are in the process of introducing a ban. The option of a ban will not protect consumers. In fact this option is encouraging former investment bankers and Conservative Members of the UK Parliament to scrap the ban introduced by the Labour Government. I urge Members to support the ban that has been put down by myself, the Greens and several other groups. On excessive commodity speculation, let us end the situation and close the loophole whereby during the famine in the Horn of Africa, the World Food Programme paid EUR 50 million from UN aid to one large commodity trader, Glencore, for wheat it ordered to feed the poorest and hungriest population in the world. This is immoral and unjust. We should vote for Amendment 3 by the Greens, which I co-signed."@en1
lpv:spokenAs	unknown; Labour Party (2009-07-14--2014-06-30)3,3 vice-chair; ECON (2012-01-23--2014-06-30)3,3 member; S&D (2009-07-14--2014-06-30)3,3 substitute; Delegation to the EU-Turkey Joint Parliamentary Committee (2009-09-16--2014-06-30)3,3 substitute; JURI (2012-01-19--2014-06-30)3,3 member; Delegation for relations with Switzerland and Norway and to the EU-Iceland Joint Parliamentary Committee and the European Economic Area (EEA) Joint Parliamentary Committee (2009-09-16--2014-06-30)3,3
lpv:unclassifiedMetadata	"Arlene McCarthy (S&D ). -"1
lpv:videoURI	<go to Events_and_structure europarl>2

Named graphs describing this resource:

The resource appears as object in 2 triples

Context graph