-The Council today agreed a Directive for the distance marketing to consumers of financial services. This Directive lays down common rules for selling contracts for credit cards, investment funds, pension plans, etc. to consumers by phone, fax or internet. It fills the 'legal gap' in existing consumer protection legislation, left by the exclusion of financial services from the 1997 Directive on Distance Selling.
Its main features are:
the prohibition of abusive marketing practices seeking to oblige consumers to buy a service they have not solicited ('inertia selling');
rules to restrict other practices such as unsolicited phone calls and e-mails ('cold calling' and 'spamming');
an obligation to provide consumers with comprehensive information before a contract is concluded; and
a consumer right to withdraw from the contract during a cool-off period - except in cases where there is a risk of price fluctuations in the financial market.
The agreed standards are in line with those already applicable to all other retail sectors. The Directive will come into force two years after publication in the Official Journal. The Directive had been put up as an 'A' point at the Health Council for adoption.
Directive of the European Parliament and of the Council concerning the distance marketing of consumer financial services
Statement by the Danish Delegation
Statement by Luxembourg
Opinion of the Commission
© Council of the European Union
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