Diana Wallis MEP assists in launch of Europe-wide Financial Services Dispute Resolution Network

12.00.00am GMT Tue 30th Jan 2001

Assisting* at today's launch in Brussels of the so-called Fin Net, Diana Wallis MEP said:

"From today, British consumers buying financial services - like insurance - on the web from companies elsewhere in Europe, should now be able to have confidence that they will have access to simple, low cost and fast redress if things go wrong. This is an essential step towards the completion of the Internal Market in this area by ensuring access to dispute resolution across borders when problems arise."

Set up by the European Commission, some 37 dispute resolution schemes from all EU Member States and beyond are participating in the network. Each one of them has signed up to EU standards and guidelines set out in the 'Memorandum of Understanding' publicised today.

Speaking at the launch, Ms Wallis, who is author of the European Parliament's report on a much wider dispute resolution scheme covering all sectors - the European Extra Judicial Network - said,

"The Fin Net is a trail-blazing project for the European Extra Judicial Network and the Commission is to be congratulated on the launch, particularly the large number and variety of schemes taking part. Nevertheless, the Commission must take seriously its own role of ensuring that all participating schemes live up to the high standards which European citizens will be expecting, thus giving them confidence to buy potentially important and valuable financial products over the net across the internal market."

European Commission representatives:

Director General John MOGG (DG Internal Market)

Director General Robert COLEMAN (DG Consumer Protection)

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