02/09/10

Office of Peter Skinner MEP

The supervision of cross-border insurers and pension funds in Europe will be transformed from 2011 following an agreement reached today between the European Parliament and national governments on the creation of a European Insurance and Occupational Pensions Authority (EIOPA).

Hailing the deal, Parliament’s rapporteur for EIOPA Peter Skinner MEP (UK S&D), said: “This is a very significant day for the future of the single market in financial services in Europe. For the first time ever we have a body with the power to ensure EU rules are being followed in each Member State – this will greatly improve the integration of financial services and the financial safety of European citizens.”

Parliament ensures new bodies have tools for the job

Mr Skinner said that he and his parliamentary colleagues had won significant concessions from the national governments over the power of the new supervisory authorities, which also includes a new banking authority (EBA) and new capital markets authority (ESMA). These concessions included the ability to settle disagreements between quarrelling national authorities through direct contact with individual financial institutions, and to take action quickly during an emergency situation to prevent financial meltdown.

“EIOPA will compliment the agreement reached last year on the Solvency II legislation covering the insurance sector. It is the missing piece of the jigsaw that will allow national authorities to coordinate and communicate effectively when implementing Solvency II,” said Skinner.

End to ’silo-thinking’

Mr Skinner added that one of the most important successes of the Parliament in the agreement was the creation of a Joint Committee to allow the new authorities to coordinate effectively between each other and with the newly created European Systemic Risk Board (ESRB).

“With this innovation the Parliament has ensured that banking, insurance and capital market regulators no longer act in silos, but instead actively contribute to the assessment of macro level risk being under-taken by the ESRB.”

The start, not the end

Mr Skinner pointed to the creation of the new authorities as being the start of an improved approach to managing the integration of financial services across Europe. “This is a massive step forward. It is totally necessary. It may not have prevented the previous crisis, but hopefully it will help prevent the next crisis. We will review the success of new authorities in 2014 and if appropriate, look to increase their powers. This is the start of the next phase of integration of the European Single Market in financial services. It is what industry has been looking for, and it is what European citizens require.”

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For more information or to arrange an interview with Mr Skinner please contact James Buckley on +32 (0) 476 056454

EU cuts cost of calling home says MEP

South East EuroMP Peter Skinner today welcomed news that the cost of making and receiving mobile phone calls and texts in Europe is to fall again tomorrow thanks to new EU rules.

From 1 July the cost of calling home form another EU country will no cost more than 32p per minute, while the cost of receiving a call while travelling in the EU will cost no more than 12.5p per minute (before VAT). Furthermore the cost of downloading and using mobile internet services will be capped as well. Operators will not be able to charge more than £42 per month for mobile internet use and there will be a cap of 65p per MegaByte for downloading.

Mr Skinner said: “This is great for anyone travelling to Europe for holidays over the summer- no more rip-off bills for making or taking calls while you’re on holiday.”

The EuroMP added that it had been a great achievement of Labour Members of the European Parliament to reduce mobile phone roaming charges under legislation passed in 2007: “Since 2007 the cost of calling home when you’re abroad has fallen by up to 70% and texting by 60%, this is a major boost for customers across the country, brought in by the EU upon the insistence of our campaign.”

Mr Skinner added: “This represents a further step along the way towards fairer pricing for consumers. We are getting closer to the 2015 target of having an almost zero per cent difference between domestic and roaming charges. If only the Lib-Tory coalition hadn’t put up VAT we’d all feel the benefits even more!”

Peter Skinner, who represents the South East in Brussels, made the comments after it had been announced that large mobile phone operators such as Orange and Vodafone had tried to block the price cuts through the courts. Mobile operators had previously been making profits of up to 400% on making and receiving calls whilst abroad.

South East employers unfairly hit by Osborne budget!

Today’s budget will damage the competitiveness of employers in the South East just as the region begins to recover from recession, warns Labour’s South East Euro MP Peter Skinner.

Tory chancellor George Osborne announced that companies in the South East would not be exempt from £5,000 national insurance savings that competitors throughout the rest of the UK would benefit from. Mr Skinner commented; “Osborne is wrong to apply a one-size fits all approach to the South East”. He added ” the South East is not London, it contains some poorer areas also in need of further investment; this will damage the South East economy and make its companies less competitive.”

Budget not fair and not forward-looking!

The Euro MP criticised the Chancellor’s budget as relying on unfair and non-progessive means to get Britain out of recession. He said; “We all know that the debt needs to be cut, but the Chancellor’s plans will impose burdens on those least able to bear them. An increase in VAT will hit pensioners and the unemployed hardest”. In addition to this Mr Skinner commented the cuts in public services as welfare will mean that we will soon feel the pinch of the coalition’s cuts.

Another Lib Dem let-down

Mr Skinner also said “What else is poignant in all of this is that Lib Dems have been willing participants not just cheerleaders to the Tory axeman. Clegg and Cable told us that under the Lib Dems there would be no return to Tory cuts but they’ve let down all those people who put their faith in them to deliver a fairer Britain.”

Government showing no faith in Young People

Mr Skinner rounded on one particular aspect of today’s budget saying; “Most depressingly the real losers from today’s budget will be the South Eaast’s children and young people,” said Skinner. “Many school children will be denied free school meals, meanwhile the Future Jobs Fund, created with the aim of getting 150,000 young people into work, has been ditched, along with child trust funds”. Mr Skinner continued; “For those of us who supported a government intent on eradicating child poverty this is budget is depressing reading. The chancellor has shown that this government has trust in wielding the axe and hoping for the best and no faith in the future.”

ENDS

ISSUED BY PETER SKINNER, LABOUR MEP FOR THE SOUTH EAST REGION

 Peter Skinner MEP , 99 Kent Road, Dartford DA1 2AJ

Tel: 01322 270345 , Mobile: 07976 969912

For immediate release                          Wednesday, 26 March 2010

Alternative funds – European exceptionalism could undermine G20 commitments

Moves to go beyond internationally agreed standards for alternative funds could undermine commitments made at the G20 to co-ordinate the global regulatory response to the financial crisis, warns British Labour MEP Peter Skinner.

It also is likely to result in a backlash from the US, harming the interests of EU investors and industry, he adds.

Skinner, a senior member of the European Parliament’s ECON committee, raised his concerns at a press conference on the Alternative Investment Fund Manager’s Directive (AIFMD) attended by leading MEPs from the major UK parties and European Parliament’s rapporteur for AIFMD Jean Paul Gauzes.

“There is a cold draft of protectionism flowing through the European Council that has seeped into parts of the European Parliament’s draft text on AIFMD,” says Skinner, referring to the current proposals on funds and fund managers in third-countries.

“This will not only ultimately harm the interests of EU citizens, but will seriously damage efforts beyond alternative funds to achieve trans-Atlantic – and therefore global – consensus on re-regulating the financial sector,” say Skinner. “It will also lead to retaliatory action from the US, of which we are already seeing some signs,” he adds.

Skinner is specifically concerned over the possibility that AIFMD will either deny funds and fund managers from third-countries such as the US the possibility of marketing across the EU, or set ‘equivalence’ requirements so high on them doing so as to be almost impossible to meet.

“I believe that current efforts by France in the European Council to deny third-country funds the possibility of passporting across the EU are more about protecting and nurturing the French funds industry than doing what’s best for European investors and business,” says Skinner.

“The current Parliament text is a slight improvement since it foresees the granting of passports to third country fund managers who meet equivalence, however the great concern I have is that equivalence will be interpreted as having to follow the letter of AIFMD, rather than the spirit.”

“The purpose of AIFMD ultimately is monitor and reduce the systemic risk posed by alternative funds, and increase investor protection. International standards, such as those being proposed by IOSCO, achieve these goals. So if a third-country meets IOSCO standards it should be declared as having equivalence with the EU and funds and managers domiciled in that third-country the option to passport across the EU.”

“I am far from being alone among MEPs in holding these views. Over the coming weeks we intend to put pressure on the rapporteur to take a more open and reasonable approach on the issue of third countries, for the benefit of all European citizens,” says Skinner.

ENDS

ISSUED BY PETER SKINNER, LABOUR MEP FOR THE SOUTH EAST REGION

 Peter Skinner MEP , 99 Kent Road, Dartford DA1 2AJ

Tel: 01322 270345 , Mobile: 07976 969912

For immediate release                          Wednesday, 10 March 2010

Labour Euro MPs help small firms beat recession with £1,000 cut in red tape

The European Parliament has voted today (Wednesday 10 March) by an overwhelming margin to exempt very small firms, known as micro-entities, from EU law on accounting standards, reducing the burden of red tape and helping them beat the recession. 

Economic and Monetary Affairs Ctte member Peter Skinner MEP said: “as our small firms struggle to overcome the crisis we are determined to help them by cutting red tape.

“It is vitally important that EU law does not over-burden very small businesses. This exemption means that very small firms will save around £1,000 in accountancy and audit fees.”

Skinner added: “We have made a commitment in the EU to reduce burdens on business by 25% by 2012, and this law is an important step towards meeting that goal. Micro-entities are often the first step on the ladder to successful employers of the future, we need to nurture and support these businesses, not place extra burdens on them.” ENDS

Background

This Commission proposal forms part of Europe’s response to the financial crisis and is an important element of the European Small Business Act; a set of proposals to reduce burdens on Small and Medium Sized Enterprises (SMEs).

The law will amend the 4^th company law directive, dealing with accounting standards, to exempt micro-entities, the smallest category of SME, defined as firms with, for example, less than 10 employees and a small turnover.  It was backed by the European Parliament by 445 votes to 196.

Over 5 million firms across Europe fall into this definition, and the European Commission estimates that savings for each firm will be around £1,000.

ISSUED BY PETER SKINNER, LABOUR MEP FOR THE SOUTH EAST REGION

 Peter Skinner MEP , 99 Kent Road, Dartford DA1 2AJ

Tel: 01322 270345 , Mobile: 07976 969912

For immediate release                          Wednesday, 03 March 2010

Consumers should act now on new mobile phone rights

Local Euro-MP Peter Skinner is calling on people in his South East Constituency  to take control of their mobile phone bill after new EU rules came into force this week.

Consumers now have additional rights to help them avoid the shock of a massive bill when they return from trips abroad.

Rules introduced this week give people new powers to control how much they spend on accessing the internet with their mobile when travelling in other EU countries.

They will benefit both holiday makers and business people who use mobile devices to access their email or websites.

The cost of downloading data over mobile networks can be hugely expensive and many customers return from their holidays to face unexpectedly high bills. In some cases customers have racked up thousands of pounds in charges without being aware of the costs.

The new rules mean people can now set a limit on how much they are willing to spend on mobile internet while they’re abroad. They will be warned if they approach that limit and it will be impossible to go beyond it without agreement by the customer.

Skinner said: “These changes don’t just affect tech-savvy teenagers. Most new phones now include email as standard and sites such as Facebook are increasingly important for staying in touch.

“The cost of mobile internet access abroad can also be a nasty shock for businesses whose staff use their phone to stay on top of their email while travelling abroad.

“These rules will give customers the ability to take greater control of their bills.”

The changes were agreed by the European institutions last year and this element of the regulations came into force on Monday (1 March). The package has already led to cheaper text messages and voice calls for people travelling to other EU countries.

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Notes

• Customers can set the limit of what they are willing to spend by contacting their network provider. They will then be warned when they have reached 80 per cent of that limit.

• Text messages sent from abroad are already capped at around 11p per message under the regulations, will limits also in place for making and receiving calls.

• More information about the new rules can be found at:
  http://europa.eu/rapid/pressReleasesAction.do?reference=IP/10/215&format=HTML&aged=0&language=EN&guiLanguage=en

ISSUED BY PETER SKINNER, LABOUR MEP FOR THE SOUTH EAST REGION

 Peter Skinner MEP , 99 Kent Road, Dartford DA1 2AJ

Tel: 01322 270345 , Mobile: 07976 969912

For immediate release                          Thursday, 25 February 2010

“Farage not fit to represent South East”

Labour MEP for the South East Peter Skinner condemned UKIP’s Nigel Farage for an aggressive, personal attack on EU Council President Herman Van Rompuy.

“Instead of using the European Parliament as a forum for debate for the benefit of Britain and Europe, Mr Farage has debased the chamber and his position as South East MEP by making a vitriolic personal attack on an EU official.”

“His behaviour is little removed from playground name-calling.”

Mr Skinner, who has represented the South East in Brussels for more than fifteen years, said that Mr Farage had let down the people of the South East.

“An MEP should be fighting for his constituents on an European level, giving people in the South East the quality of representation they deserve. Frankly Mr Farage’s behaviour is more reminiscent of a the hooligan image of Brits abroad that we all know isn’t accurate, and that’s not what the people of the South East voted for.”

ENDS

Peter In the European Parliament

Press Release

9 February 2010

For Immediate Release

“EU Commission must deliver for ordinary people in the South East” says Labour MEP

Speaking after the European Parliament’s approval of the new European Commission today (Tuesday 9 Feb), Peter Skinner, Labour MEP for the South East of England said:

“Last year we had a chance to hear from South East voters on the EU during the European election and now we have had a chance to hear from the Commissioners. It’s time for the Commission to get on with their work on issues that really matter to people and no excuses”.

“We need the President of the EU Commission, Barroso, to show us that he will deliver on critical issues of relevance here in the South East, such as protecting workers rights and climate change. He must now provide the leadership needed to deliver jobs and sustainable economic growth in areas such as ours and across the EU, particularly in our coastal towns and cities such as Brighton which can often feel the economic pinch more than most.

“The last few weeks have shown that the Parliament can put the Commission under pressure to assure the people that they will act in all our interests. The S.E. needs still more investment and better assistance from the EU particularly with some of the financial programmes and projects that the E.U. has to offer.

In the past the S.E. has received Hundreds of millions of Pounds of assistance as part of programmes for issues such as Economic regeneration through to University Partnership programmes.

“We will continue to hold the Commission, which is a civil service the size of only a metropolitan City Council, to account. They need to answer the charge that they are merely a faceless bureaucracy and therefore work with the Parliament to deliver for all our citizens.”

In addition to addressing local concerns Mr Skinner also welcomed the appointment of Britain’s Commissioner, Catherine Ashton. Peter added:

“Baroness Ashton is a superb appointment. It is good for Britain and good for Europe to have her in such an important role as Higher Representative for the EU, after the President of the Commission this is single most important role.”

ENDS

 For more information please call Peter Skinner on 01322 270345.

99 Kent Road Dartford Kent