The Commission Adopts Stronger Consumer Rules For Online Financial Services

Tüketici Hukuku

The European Commission (“the Commission”) has adopted a reform of the current EU rules on Distance Marketing of Consumer Financial Services, which govern financial services sold at a distance.

The Proposal will strengthen consumer rights and foster the cross-border provision of financial services in the single market.

To ensure the fostering of the provision of financial services in the internal market and to ensure a high level of consumer protection, the Proposal introduces actions across several areas:

  • Easier access to the 14-day withdrawal right for distance contracts for financial services.
  • Clear rules on what, how, and when pre-contractual information is to be provided.
  • Special rules to protect consumers when concluding financial services contracts online.
  • The Proposal will give teeth to the competent authorities
  • Full harmonisation to ensure the same high level of consumer protection across the internal market.

The Commission's proposal will now be discussed by the Council and the European Parliament.

You can reach further information here.

Kind regards,

Zumbul Attorneys at Law