Joint Statement on the update of the rules governing online sales of financial services
On 25 May 2023, in light of the ongoing inter-institutional negotiations, Leaseurope and Eurofinas together with other financial services associations published a Joint Statement on the update of the rules governing online sales of financial services, bringing the existing framework under the Distance Marketing of financial services directive (DMFSD) in under the Consumer Rights Directive. For the financial services industry, the prevalence of product specific rules is of utmost importance in order to ensure legal certainty and a meaningful framework which provides for the relevant protection of consumers.
Moreover, the Joint Statement highlights the need of sufficient flexibility for financial services providers with regards to the online withdrawal, so that they can adjust IT solutions in line with consumers needs and bespoke to their specific business models.
Leaseurope and Eurofinas are closely monitoring the finalisation of the new rules replacing the DMFSD, and support a new legislative framework that enhances the consumer protection principles as well as the “safety net” character of the new rules in the updated digital reality.