| Publisher | Chadwyck-Healey Ltd |
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| Series Title | European Access |
| Series Details | No.5/6 December |
| Publication Date | December 1999 |
| ISSN | 0264-7362 |
| Content Type | Overview |
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The Commission has presented an amended proposal for a Directive aimed at establishing a clear regulatory framework for the marketing of financial services at a distance within the Single Market. The Commission has, to a large extent, followed the European Parliament's suggestions for amendments, in particular by maintaining a 'maximum harmonisation' approach, by replacing a two-week 'warming up period' before the conclusion of the contract with an obligation on the supplier to provide a comprehensive set of information elements and by introducing a general right of withdrawal. The aim of the proposal is to ensure a high level of protection for consumers of retail financial services (insurance, banking and investment services) marketed by mail, telephone, fax and other electronic means such as the Internet. It should encourage consumer confidence in such services and provide financial service suppliers with a clearly defined legal framework valid for distance selling throughout the Single Market without hindrance. Source: Press Release (Commission), IP/99/559 (26.7.99); FT, 27.7.99, p2 |
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| Subject Categories | Politics and International Relations |
| Countries / Regions | Europe |
