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Distance marketing of financial services
The EU has taken measures to regulate and facilitate distance marketing of financial services, recognizing the importance of promoting consumer protection and cross-border financial transactions in the digital age.
The EU Measures
The EU has taken measures to regulate and facilitate distance marketing of financial services, recognizing the importance of promoting consumer protection and cross-border financial transactions in the digital age. Here are some key actions and regulations in this regard:
1. Consumer Credit Directive (CCD) 2008/48/EC: The Consumer Credit Directive, implemented in 2010, includes provisions related to distance marketing of financial services, particularly concerning credit agreements. It ensures that consumers receive clear and comprehensive information before concluding a credit agreement through distance communication channels. Go to the Page
2. Payment Services Directive 2 (PSD2) (EC) 2015/2366: PSD2, which came into effect in 2018, regulates payment services within the EU, including those offered remotely or via electronic means. It promotes secure and innovative payment methods, enhances consumer rights, and mandates strong customer authentication for online transactions to ensure security. Go to Payment Services Page
3. Insurance Distribution Directive (IDD) (EU) 2016/97: IDD, implemented in 2018, addresses the distribution of insurance products, including those marketed at a distance. It establishes requirements for transparency, disclosure, and suitability assessment when insurance products are sold remotely.
4. E-Commerce Directive: The E-Commerce Directive 2003/31/EC, which predates many of the financial services-specific regulations, applies to the online provision of services, including financial services. It sets out a legal framework for electronic commerce, covering various aspects such as transparency, information provision, and liability.
5. Digital Finance Strategy: The European Commission has been actively working on its Digital Finance Strategy, aiming to foster innovation in the financial sector, including distance marketing of financial services. This strategy seeks to create an enabling environment for digital financial services while maintaining consumer protection and financial stability.
6. Consumer Financial Services Action Plan: As part of the Digital Finance Strategy, the EU introduced a Consumer Financial Services Action Plan, which focuses on ensuring that consumers can confidently access and use a wide range of digital financial services, including those offered remotely. The Plan the background for the Directive 2022/65/EC.
7. Cross-Border Financial Services Initiatives: The EU has been working to promote cross-border access to financial services by encouraging the development of a Single Market for financial products and services. This includes measures to reduce barriers for consumers who wish to access financial services from providers in other EU member states. A Proposal for a Directive COM(2022) 204 final was presented by the Commission on 11 May 2022 and discussed by EU legislators.
These initiatives collectively aimed to create a regulatory framework that fosters innovation, enhances consumer protection, and facilitates cross-border trade in financial services, including those delivered through distance marketing channels.
1. Consumer Credit Directive (CCD) 2008/48/EC: The Consumer Credit Directive, implemented in 2010, includes provisions related to distance marketing of financial services, particularly concerning credit agreements. It ensures that consumers receive clear and comprehensive information before concluding a credit agreement through distance communication channels. Go to the Page
2. Payment Services Directive 2 (PSD2) (EC) 2015/2366: PSD2, which came into effect in 2018, regulates payment services within the EU, including those offered remotely or via electronic means. It promotes secure and innovative payment methods, enhances consumer rights, and mandates strong customer authentication for online transactions to ensure security. Go to Payment Services Page
3. Insurance Distribution Directive (IDD) (EU) 2016/97: IDD, implemented in 2018, addresses the distribution of insurance products, including those marketed at a distance. It establishes requirements for transparency, disclosure, and suitability assessment when insurance products are sold remotely.
4. E-Commerce Directive: The E-Commerce Directive 2003/31/EC, which predates many of the financial services-specific regulations, applies to the online provision of services, including financial services. It sets out a legal framework for electronic commerce, covering various aspects such as transparency, information provision, and liability.
5. Digital Finance Strategy: The European Commission has been actively working on its Digital Finance Strategy, aiming to foster innovation in the financial sector, including distance marketing of financial services. This strategy seeks to create an enabling environment for digital financial services while maintaining consumer protection and financial stability.
6. Consumer Financial Services Action Plan: As part of the Digital Finance Strategy, the EU introduced a Consumer Financial Services Action Plan, which focuses on ensuring that consumers can confidently access and use a wide range of digital financial services, including those offered remotely. The Plan the background for the Directive 2022/65/EC.
7. Cross-Border Financial Services Initiatives: The EU has been working to promote cross-border access to financial services by encouraging the development of a Single Market for financial products and services. This includes measures to reduce barriers for consumers who wish to access financial services from providers in other EU member states. A Proposal for a Directive COM(2022) 204 final was presented by the Commission on 11 May 2022 and discussed by EU legislators.
These initiatives collectively aimed to create a regulatory framework that fosters innovation, enhances consumer protection, and facilitates cross-border trade in financial services, including those delivered through distance marketing channels.
Source: European Union, http://www.europa.eu/, 1998-2023
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