EU Regulation of Distance Marketing of Financial Services
The Directive regarding the distance marketing of consumer financial services is an essential part of the Commission’s strategy to develop an internal market for retail financial services. The strategy, as set out in the Commission’s Communication on E-Commerce and Financial Services, is part of the Financial Services Action Plan. This sets out the Commission’s wider goal of creating a fully integrated European market in financial services by 2005 to complement the introduction of the euro. The aim of the Directive is to harmonise Member States’ rules on the distance marketing of consumer financial services, thereby raising the level of consumer protection whilst enabling service providers to market their services across the EU without unnecessary obstacles.