BEUC: Distance Marketing of Financial Services
21 September 2022
With BigTech companies and newcomers (FinTechs) entering financial markets, the sale and marketing of financial service products, such as consumer credit, insurance and current accounts, is increasingly moving online and new products constantly appear on the market, promoted through different channels such as social media.
At the same time, traditional
distance marketing techniques such as cold calling, are still used to
lure the most vulnerable consumers, such as the elderly, into purchasing
complex or costly financial service products. Consumers need an updated
framework that protects them, no matter which financial product they
are buying. This requires a strong consumer protection framework for
financial services which is fit for the digital age.
BEUC
© BEUC
