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The recommendations relate primarily to the scope and consistency of disclosure rules, the timing of disclosure, the presentation format and accessibility of information. In addition, they cover advertisements, pre-contractual information, rights of withdrawal, complaints handling and post sale information.
In order for consumers to make informed decisions about their financial products and services, they should have access to high-quality information, which should be provided at the appropriate time, via suitable means, and explaining the features and costs across the lifetime of the service.
In the EU, relevant requirements for the marketing of services that are bought at a distance are set out in the Distance Marketing of Financial Services Directive (2002/65/EC, DMFSD).
The European Commission is currently evaluating the effectiveness of this Directive. This opinion aims at providing input to the Commission’s evaluation, by providing recommendations as to how the Directive could be amended in order to ensure that it takes account of the increasing use of digital marketing channels and the resultant issues that potentially arise for consumers.