On 23 October 2019, the European Banking Authority (EBA) published an opinion on the disclosure to consumers of banking services through digital means under the Distance Marketing of Consumer Financial Services Directive (DMFSD).

The EBA explains that the DMFSD was established to provide a legal framework governing the distance marketing of financial services. The implementation of the Directive ensures that when concluding a distance marketing contract, all the contractual terms and conditions and the prior information are communicated to consumers, on a durable medium, and are accessible to them in good time before they are legally bound by any distance contract or offer.

Following the publication of the EBA’s Roadmap on Fintech in March 2018, the EBA, among other things, concluded that a review and further harmonisation of the legislative framework on disclosure should be considered leading to the publication of this opinion.

The opinion contains recommendations as to how disclosure rules should be revised. The opinion also provides general proposals on the scope and consistency of disclosure rules, timing of disclosure, and the presentation and accessibility of information. It also contains specific proposals relating to advertisements, pre-contractual formation, withdrawal rights, complaints handling and post-sale information.