 | Home |
| What's New |
| Speeches & Articles |
| Newsletter - Jul 2008 |
| Biography |
| Diary |
| Contact Information |
| Photo Album |
| Parliamentary Highlights |
| Publications |
| Links |
| MEPs' Transparency |
| Conservative Party |
| Latest News from Conservatives.com |
| Conservative Party Website |
 |
|
Cheap share deals get a reprieve Wednesday 3 September 2003 Crucial amendments to ensure that the cost of buying and selling shares does not rise by up to 20 times were made by the European Parliament today. The Economic and Monetary Affairs Committee voted on the Investment Services Directive (ISD), which threatened low-cost, 'execution-only' share dealing. British Conservatives tabled amendments to the ISD to lift the threat to execution-only business and confine suitability tests to advice services. Different political groups and nationalities supported the amendments, which have been extensively lobbied for by UK shareholders. Speaking from the European Parliament in Strasbourg East Midlands MEP Roger Helmer said: "It is a huge relief that our amendments have been accepted by MEPs. The European Commission's proposals for new red tape on execution-only services could have been a fatal blow to these low margin, 'no frills' services. Investors would have been forced to buy advice they neither need nor want. This could cost them as much as 20 times the price of an execution-only sale. This unnecessary red tape has been rejected by MEPs in committee. Now we have to ensure that the full plenary session of parliament votes the same way. It is vital that Conservative amendments go through to remove the red tape threat to execution-only services and preserve investor choice." |