European Commission launches a public consultation on the marketing of financial services in the EU


Today, the European Commission is launching an online public consultation on EU rules on Distance Marketing of Financial Services. The current rules provide details on the information a consumer should receive about a financial service and the financial service provider before they conclude a distance contract. The public consultation is part of a bigger assessment to check whether the rules on distance marketing of financial services are still fit for purpose and meet the users’ needs and expectations. Věra Jourová, Commissioner for Justice, Consumers and Gender Equality said: “Over the years, the retail financial sector has gone increasingly digital, opening an account or taking a loan is now a matter of a few clicks. This gives consumers easier access to these offers, but they should also have access to the right information, at the right time and in the right format to take informed decisions. We want EU rules to be adapted to today’s online offers of financial services.”  Today,the European Commission also published the findings of a behavioural study on the commercial practices used by providers of retail financial services when marketing and selling their products online. The study shows that consumers make better choices when information is provided to them upfront, at the right time and in a format that helps comparison. It also suggests ways to improve how consumers are informed when they look for financial products online. These findings will feed into the ongoing evaluations of the Directives on Consumer Credit and Distance Marketing of Financial Services to be finalised at the end of 2019. Consumers, retail financial services professionals, national authorities and other interested stakeholders are invited to express their views on the relevance, effectiveness, pertinence and coherence of these rules through the consultation until the beginning of July.