Consumer protection: EU Commission adopts stronger consumer rules for online financial services

On  May 11, 2022, the European Commission has adopted a reform of the current EU rules on Distance Marketing of Consumer Financial Services, which govern financial services offered over the internet. The market has significantly evolved in light of the overall digitalisation of the sector and the new types of financial services that have been developed since the rules were first introduced in 2002. These developments have been further enhanced by the impact of the COVID 19 pandemic, which greatly contributed to an increase in online shopping.

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

A press release is available online.