EP briefing paper on financial services and consumer rights
08 December 2010
The aim of this paper is to explore potential overlaps and inconsistencies between the proposed Consumer Rights Directive and sector-specific law in the area of financial services.
The scope of application of the proposed directive to financial services is not entirely clear when it comes to investment services and to information obligations in off-premises contracts.
The relationship between investment services, which come under the law related to off-premises contracts, and financial services whose price depends on fluctuations in the financial market outside the trader's control, which are exempted from the law related to off-premises contracts, is unclear and should be clarified.
Generally speaking, there is a need to distinguish the scope of application of the proposed Consumer Rights Directive in general and the scope of application of the individual chapters relating to: (1) information obligations, (2) off-premises and distance contracts, (3) consumer sales and guarantees, and (4) unfair contract terms.
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