Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-11-19-Speech-1-186-000"
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"en.20121119.24.1-186-000"2
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"Mr President, although the Consumer Credit Directive currently in force has created a common European legal framework to protect consumers, some legal and practical obstacles have still to be overcome, which is demonstrated, in particular, by the lack of sufficient consumer information about opportunities for cross-border consumer credit and the rights of consumers when concluding such contracts.
However, adequate consumer protection practices in the credit sector play a significant role in ensuring financial stability. Improving the cross-border consumer credit market would also significantly boost the internal market. Financial institutions must be required to provide consumers with personalised, complete, easily understandable information regarding the risks involved in lending. This information should ideally be included in advertising of consumer credit agreements, in pre-contractual information and in the actual consumer credit agreements.
A high standard of consumer protection in this area is absolutely key to improving financial integration, increasing demand and supporting growth."@en1
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