Financial services contracts concluded at a distance

The EMA is the EU trade body representing electronic money issuers and alternative payment service providers. Our members include leading payments and e-commerce businesses worldwide, providing online payments, card-based products, electronic vouchers, and mobile payment instruments. Most members operate across the EU, most frequently on a cross-border basis. Our members are listed at the end of this letter.

The EBF takes note of the newly published EC proposal for reform of the financial services distance-selling. One of our principal key priorities, in view of this reform, is to be clarified which rules apply in cases when the new Directive overlaps with other European legislative acts, namely the product-specific legislation.

The Mouvement des Entreprises de France (MEDEF) is the leading network of entrepreneurs in France, representing more than 173 000 member companies covering all sectors of activity, 95 % of which are SMEs/ETI. The mission of the French Business Movement is to promote and represent the interests of French companies vis-à-vis the French and European public authorities and to develop entrepreneurship.

Filed in French · English published by the European Commission

The ASF (Association française des Sociétés Financières) represents establishments specialising in consumer credit in France, but also in leasing, factoring, guarantees and guarantees and investment services. In the area of consumer credit, the members of the FSA account for almost 50 % of the total outstanding amount of all credit institutions (and the majority of revolving loan transactions).

Filed in French · English published by the European Commission

Leaseurope endorses the Commission’s goal to improve consumer protection online and to ensure the free movement of financial services in the single market by harmonising certain rules related to contracts concluded at distance.

ESBG supports the scenario chosen by the Commission for its proposal to re-tain the relevant and still valid elements of the DMFSD by integrating them into a broader directive (the Consumer Rights Directive 2011/83/EU which is not currently concerning financial products) and to make some adjustments.

The Profession supported the maintenance of the 2002 Directive, which provides a legal basis and a minimum safety net in the absence of a specific text. It plays its role perfectly without hindering the development of distance selling. We regret the chosen scenario. We have the following main comments: Article 16a: We regret the increase in pre-contractual information in terms of volume and procedures.

Filed in French · English published by the European Commission

The German Banking Industry Committee (GBIC) shares the objective of offering European consumers a high level of consumer protection and a wide choice of products that meet their needs. Our main concerns relate to the scope in article 1 (need to exclude promotional loans to consumers and to exempt digital formats that are equivalent to face-to-face business), the provision of pre-contractual information (no…

We welcome the initiative to update the legal framework regarding the distance marketing of consumer financial services. Our comments are envisaging the need for more clarify on certain texts of the proposed Directive as well as a request for clarity on the correlation between this Directive and other Directives applicable on financial products (e.g. Mifid, Payment Services Directive, Accessibility Directive).

Intesa Sanpaolo thanks the European Commission for the opportunity to comment on the proposed reform of the EU legislation on the distance marketing of consumer financial services. Here below our three main comments, regarding the scope, pre-contractual information and subsequent transactions.

Hello, Please find enclosed our association’s reply to your consultation. For information, the Association Force Ouvrier Consommateurs (AFOC) is a member of the National Consumer Council and is authorised to act in the interests of consumers.

Filed in French · English published by the European Commission

The EMF-ECBC is pleased to provide the following comments on the European Commission’s Proposal for a Directive amending the Consumer Rights Directive (CRD) and repealing the DMFSD. Despite our overall positive assessment, we believe it is worth highlighting the need to further clarify and reflect on some elements as follows: Scope: • The scope of the Directive is unclear and should be clarified.

Dear Commission, In responding to the invitation contained in the consultation document on the Proposal for a Directive of the European Parliament and of the Council amending Directive 2011/83/EU concerning financial services contracts concluded at a distance and repealing Directive 2002/65/EC, ANASF – Associazione Nazionale Consulenti Finanziari, representing over 12.000 Italian financial advisors, intends to…

The German insurance industry welcomes the opportunity to comment on the European Commission’s proposals. Unfortunately, the draft does not address the issue of the “eternal right of withdrawal”, which we consider to be crucial. Legal certainty should be created in this context by placing an absolute time limit on the right of withdrawal, for instance one year after the conclusion of a contract.

The French Banking Federation (FBF) welcomes the opportunity to express its views on the inception impact assessment of the DMFSD. The current Directive proved to cope well with evolutions both in the market and in technologies, thanks to its principle-based nature and in protecting consumers. Therefore, we are supportive of policy option: 0) The baseline scenario (no policy change).

BEUC considers that the Distance Marketing of Financial Services (DMFSD) Directive contains rights which are fundamental to ensure the protection of consumers purchasing financial services at a distance, including (i) pre-contractual information that consumers must receive before concluding a contract (ii) a 14-day right of withdrawal (iii) and a ban on unsolicited distance sales and communications.

The Federation of German Consumer Associations (Verbraucherzentrale Bundesverband – vzbv) welcomes the opportunity to provide feedback to the European Commission’s roadmap on the Distance Marketing of Financial Services Directive (DMFSD). The comprehensive evaluation illustrates both the continuous relevance of the DMFSD and the significant need for modernization.

Directive on distance marketing of consumer financial services Inception impact assessment ASF response The European Commission has launched its inception impact assessment for the Distance marketing of Financial Services Directive (DMFSD).

The EACB appreciates the technology neutrality of the DMFSD, which has allowed banks to develop and adapt distance marketing to different channels, reflecting new technologies and consumer expectations. Neutrality avoids the need to consistently adapt legislation. Specifying in the legislation how to adapt the information to different devices would not be technology neutral or scalable.

INVERCO welcomes the opportunity to comment on the intended review by the European Commission (EC) of the Directive on distance marketing of consumer financial services (hereinafter, the “Directive”). INVERCO (Spanish Association of Collective Investment Schemes and Pension Funds) represents more than 5,500 Collective Investment Schemes and more than 2,500 Pension Funds, with assets under management over EUR 570…

We consider that although the DMFSD needs significant updates and amendments the Directive is still relevant. Therefore, we would support the view that the COM should consider primarily option 3) Comprehensive revision of the Directive, and as a secondary choice option 2) Repeal of the Directive but moving the still relevant parts, once modernised, under another horizontal legislation.

Despite the fact that the initiative tends to increase the possibility for consumers to buy, account must be taken of principles which, through an unmanaged policy, lead to real harm to the consumer. To date, a cellular phone has everyone and on some occasions even more than one.

Filed in Italian · English published by the European Commission

The German insurance industry welcomes the upcoming revision of the Directive concerning the distance marketing of consumer financial services (DMD), which is outdated in terms of content and no longer up to date.