On 18 April 2025, the Dutch Minister of Finance published the draft implementation act on financial services contracts concluded at a distance (the Draft Implementation Act) for consultation. The Draft Implementation Act aims to implement Directive (EU) 2023/2673 into Dutch law. The Draft Implementation Act provides for various consumer protection requirements that will apply when financial products or services are provided to consumers at a distance, such as via telephone or the internet.
Among others, the Draft Implementation Act enhances the possibility for consumers to withdraw from a contract. Offerors of financial products or services must allow consumers to withdraw from a contract through a specific “withdrawal function”. This new method complements existing withdrawal options, ensuring that consumers can easily exercise their right to withdraw from online contracts. This must be a straightforward process. Consumers must be able to withdraw from a contract as easily as they entered into it. The key features of the withdrawal function must be as follows:
- The withdrawal function must be easy to find, always available and clearly visible. As an example, the Draft Implementation Act refers to a button on a website or in an app that states “the contract can be withdrawn here”.
- Customers should not have to perform additional steps, such as downloading an app or creating an account.
- The withdrawal function should lead to a confirmation page where consumers can fill in the necessary details and confirm the withdrawal.
Furthermore, the Draft Implementation Act extends the scope of the rules on pre-contractual information to certain financial services that are excluded from financial regulatory rules. This will apply to providers of consumer credit that must be repaid within a period of three months and for which only insignificant costs are charged, which are excepted from the rules on the provision of consumer credit. This exception is commonly used by so-called “buy now, pay later” (BNPL) providers. Such BNPL providers will have to comply with the rules on financial services contracts concluded at a distance.
Market parties are invited to respond to the Draft Implementation Act by 16 May 2025.