About this consultation

Feedback period
9 April 2019 - 2 July 2019 (midnight Brussels time)

Target audience

The goal of this public consultation is to ensure that all relevant stakeholders have the opportunity to express their views on the effectiveness of the Directive on ‘Distance Marketing of Financial Services’.

The Commission particularly wants to hear from consumers, retail financial services providers and authorities responsible for supervising and enforcing the Directive’s provisions.

Other stakeholders who have in-depth knowledge are also invited to participate. These could include:
- Consumers
- Consumer organisations
- Non-governmental associations, platforms and networks
- Retail financial services providers (be they ‘traditional’ or ‘fintechs’)
- Intermediaries involved in the marketing and provision of financial services
- Trade, business and professional associations
- Consultancies
- Research and academia
- Local, regional, national and international public authorities

Why we are consulting

Directive 2002/65/EC of the European Parliament and of the Council of 23 September 2002 concerning distance marketing of consumer financial services aims to ensure the free movement of financial services by harmonising consumer protection rules in the single market.

This Directive provides details on the information that a consumer should receive about a financial service and the financial service provider before concluding a distance contract. For certain financial services, it also gives a consumer 14 days to withdraw from a contract. In addition, this Directive bans services and communications from suppliers that a consumer has neither solicited nor consented to.

Since 2002, when the Directive came into force, the retail financial sector has gone increasingly digital, with new products and actors available on the market and new sales channels being used. Several EU laws pertinent to financial services have also been adopted or updated.

Seventeen years since this Directive was first adopted the Commission is launching a second evaluation to assess whether it is still fit for purpose given the market and legislative developments that have occurred since 2002.

This public consultation is an opportunity for consumers, retail financial services professionals, national authorities and other interested stakeholders to express their views, concerning the relevance, effectiveness, pertinence and coherence of this Directive.

It is expected to publish the conclusions of this evaluation exercise by the end of 2019.

Responding to the questionnaire

You can contribute to this consultation by filling in the online questionnaire. If you are unable to use the online questionnaire, please contact us using the email address below.

Questionnaires are available in some or all official EU languages. You can submit your responses in any official EU language.

For reasons of transparency, organisations and businesses taking part in public consultations are asked to register in the EU’s Transparency Register.

Respond to the questionnaire

Personal data and privacy statement

The European Union is committed to user privacy. When carrying out public consultations we adhere to the policy on 'protection of individuals with regard to the processing of personal data by the Community institutions', based on Regulation 45/2001 on processing of personal data by the EU institutions.

Further information on the protection of your personal data