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  Distance Marketing of Financial Servicesslide

When financial services are sold and bought over the Internet or by telephone/fax, unlike for goods (clothes, e.g.), there is nothing to wrap up in paper and send in a parcel. The "financial service" as such is a contract between a consumer and a bank, a credit card company, an investment fund, an insurance company, etc. While money, notes and coins may eventually pass between the consumer and the supplier e.g. in the form of a loan or insurance indemnity, the contract as such is immaterial. So it can be put on a website or sent by mail or fax. The negotiation of the conclusion can be made over the telephone or by e-mail or clicking on buttons on the Internet.

To boost consumer confidence in these marketing techniques - and in particular in Internet transactions across borders - the EU has adopted a directive laying down fundamental rights for consumers. The details of this directive are found in the Background Section.

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