EU: Monti Promises Action

EC Commissioner Mario Monti has promised that there will be a more energetic approach by the Commission towards the outstanding issues in financial services. In a speech to the European Parliament, Commissioner Monti confirmed that the Commission will shortly propose a draft Directive on distance selling of financial services, based on the provisions of the distance selling measures already adopted.

Commissioner Monti also announced several proposed measures relating to insurance protection, telephone banking, codes of conduct and personal financial advisers. At the same session the EP, which has already welcomed the Commission’s Green Paper on Financial Services, called for it to be broadened to cover not just telebanking and new electronic payment systems but also a wider range of financial services. Monti’s statement to the Parliament would appear to have endorsed this view.