The European Commission presented a proposal for a Directive concerning financial services contracts concluded at a distance. The new Directive is to supersede Directive 2002/65/EC of the European Parliament and of the Council of 23 September 2002. The Commission’s proposal extends the main provisions of Directive 2011/83/EU on consumer rights to include an area of financial services that has been excluded from its scope. The new rules will apply to the conclusion of financial services contracts by consumers using means of distance communication (i.e. banking or insurance contracts).

The amendment aims to adapt the rules to a modern financial market and to increase consumer protection. One of the most important proposed changes is a simplified method of withdrawal from the contract within 14 calendar days of its conclusion (for example by activating the withdrawal button on a website). The process is supposed to be as easy as the conclusion of the contract. A trader also has an obligation to provide certain information, including information about the fees before the end of the withdrawal period, the trader’s e-mail address, and risk. The trader is required to ensure contact with a staff member at the client’s request.

Member States will have 24 months to implement the new rules. The expected effective date of the Directive is not known yet.

Source text: https://fintek.pl/nowa-dyrektywa-ue-w-sprawie-sprzedazy-uslug-finansowych-na-odleglosc/