Distance marketing of financial services: consumer protection

It establishes common rules for the marketing of financial services by suppliers to consumers in the European Union (EU), in order to enhance consumer protection.

KEY POINTS

The directive covers all financial services, including credit cards, investment funds, insurance and personal pension plans, that can be sold to consumers through distance-selling channels such as by telephone, fax and the internet.

The directive guarantees protection to the consumer , including:

The consumer rights directive – Directive 2011/83/EU (see summary) – regulates the distance selling to consumers of all other non-financial goods and services, replacing Directive 97/7/EC.

Review of the directive

The review of the directive was included in the 2020 commission work programme (Annex II – REFIT initiatives, ‘A New Push for European Democracy’). An evaluation of the directive was also published in 2020.

Directive 2002/65/EC will be repealed by Directive (EU) 2023/2673 as of 19 June 2026.

FROM WHEN DOES THE DIRECTIVE APPLY?

It has applied since 9 October 2002 and had to become law in the Member States by 9 October 2004.

BACKGROUND

For further information, see:

MAIN DOCUMENT

Directive 2002/65/EC of the European Parliament and of the Council of 23 September 2002 concerning the distance marketing of consumer financial services and amending Council Directives 90/619/EEC and directive 97/7/EC and 98/27/EC (OJ L 271, 9.10.2002, pp. 16–24).

Successive amendments to Directive 2002/65/EC have been incorporated in the basic text. This consolidated version is for reference purpose only.

RELATED DOCUMENTS

Directive 2011/83/EU of the European Parliament and of the Council of 25 October 2011 on consumer rights, amending Council Directive 93/13/EEC and Directive 1999/44/EC of the European Parliament and of the Council and repealing Council Directive 85/577/EEC and Directive 97/7/EC of the European Parliament and of the Council (OJ L 304, 22.11.2011, pp. 64–88).

Communication from the Commission to the Council and the European Parliament – Review of the distance marketing of consumer financial services Directive (2002/65/EC) (COM(2009) 626 final of 20.11.2009).