On 9 April 2019, the European Commission published a new webpage detailing a consultation on the Distance Marketing Directive (the Directive).
The Commission notes that 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.
The Commission is consequently launching an evaluation to assess whether the Directive is still fit for purpose given the market and legislative developments that have occurred since 2002. The Commission is keen to hear views on the effectiveness of the Directive, particularly from consumers retail financial services providers and authorities responsible for supervising and enforcing the Directive’s provisions.
The deadline for comments on the evaluation is 2 July 2019. The Commission expects to publish its conclusions by the end of 2019.