Local view for "http://purl.org/linkedpolitics/eu/plenary/2015-11-24-Speech-2-120-000"
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"en.20151124.4.2-120-000"2
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"Mr President, the Insurance Distribution Directive will enhance consumer protection, increase competition and create a more level playing field between insurance and investment products. I am pleased that we have agreed upon a principle-based approach giving Member States flexibility to implement tougher rules where they see fit to do so.
This is the most sensible way to go about legislating: allowing companies room to ensure they give consumers the best outcomes rather than worrying about tick-box style exercises. The product information document is a good example of this. We have been able to strip out many of the over-prescriptive one-size-fits-all requirements, instead focusing on the information that can actually benefit the consumer.
It was vital to protect consumers’ interest in the wide variety of tied insurance products that currently save them time and money. I am pleased that consumers in my country, for example, will still be able to choose a bank account that includes travel insurance, should they wish to do so. Consumers will also benefit from a move towards aligning insurance distribution more closely with the rules laid out in MiFID II in order to create a level playing field between insurance and investment products. Overall, I am pleased at the final outcome of this report, and I look forward to seeing a positive outcome from its implementation."@en1
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