On Thursday 5 October, the European Parliament endorsed by 548 votes to 44, with 14 abstentions, the provisional agreement reached in June with the EU Council on adapting the directive on distance financial contracts to the digital age, in order to guarantee the same level of protection for consumers whether online or offline (see EUROPE 13196/7).
The future rules will apply to all contracts for products and services concluded by telephone or online and will strengthen consumer protection and their rights to pre-contractual information on contracts concluded online, by introducing a new ‘Financial Services’ chapter to Directive 2011/83/EU on consumer rights. They will also create a level playing field for the provision of financial services in the internal market.
Arba Kokalari (EPP, Swedish), who led the negotiators on behalf of Parliament, stressed that this “modernisation of the 30-year-old legislation was necessary because of the digitalisation of the market and the number of consumers who are increasingly buying online”. She also welcomed the horizontal nature of this legislation for specific legislation.
Member States will retain the option of imposing stricter national rules on pre-contractual information. Online shoppers will still be able to obtain human intervention. In addition, the directive will restrict the use of ‘dark pattern’ marketing techniques to influence consumer choice.
The political groups have generally welcomed this future directive, in particular the withdrawal function which will enable consumers to withdraw from a financial services contract concluded at a distance with a single click within 14 days.
S&D and The Left MEPs said they would have liked to go further with a ban on dark pattern marketing and regulating influencer advertising.
See the consolidated text of the European Parliament/EU Council agreement: https://aeur.eu/f/8wm (Original version in French by Aminata Niang)