The EU member states want consumers to be better protected when buying financial services online. The responsible ministers reached agreement in Brussels on a negotiating position for new rules for online purchases.
This is intended to create a level playing field for service providers. The new rules also include contracts that are concluded by telephone, for example.
Easy cancellation via a button
For example, if the provider uses an automated chat (chatbot) for assistance, consumers should also have the right to speak to a human being. Consumers should also be able to exercise their right of withdrawal more easily, for example via a button on the website. The purpose of this button is to raise consumer awareness and ensure that withdrawing from a contract is just as burdensome as entering into it.
The federal states also demand that such a button is not only integrated when concluding financial services, but in all online contracts. Consumers should be able to withdraw from contracts within 14 days without penalty, within 30 days when it comes to personal pensions.Before the new rules can come into force, EU countries must again agree on a common position with Parliament.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
