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Permanente Educatie

 

An update on the European consumer policy and legislation and its relevance for the banking, financial services and insurance sectors.

Relevance for the banking, financial services and insurance sectors

For some companies in the business-to-consumer sectors, including in banking, insurance and financial services, the 'New Deal' is expected to increase the costs of doing business. For instance, the proposals foresee a right for consumers in all Member States to claim individual remedies (e.g. financial compensation or termination of contract) when affected by unfair commercial practices (e.g. aggressive or misleading marketing). Likewise, the proposed introduction of an EU-wide consumer collective action system would likely provide consumer organisations with a powerful tool, so that companies potentially to be affected may wish to review their policies on litigation risks and adequacy of procedures. For smaller companies, there will be a risk of being dragged in to collective actions against larger firms. The 'New Deal' also proposes an increase of fines, which authorities in several Member States can impose on companies for consumer protection breaches.

As a positive development, banking, financial services and insurance companies will be provided with greater flexibility as regards the ways of communicating with consumers, with the new rules allowing the use of online forms or chats instead of e-mail.

 

Inhoud

Proposals for revised EU consumer legislation and collective redress

On 11 April 2018, the European Commission presented its 'New Deal for Consumers', a set of proposals to modernise EU consumer protection legislation and strengthen enforcement of consumer rights. The 'New Deal' contains two legislative proposals, namely the proposal for a Directive on better enforcement and modernisation of EU consumer protection rules, and a proposal for a Directive on representative actions for the protection of the collective interests of consumers.

The 'New Deal' follows a fitness check of consumer legislation and an evaluation of the Consumer Rights Directive, which indicated that - also in view of recent cross-border consumer cases such as Volkswagen's 'Dieselgate' - some aspects of EU consumer legislation require clarification to enhance enforcement and adaptation to the digital economy.

The proposal for a Directive on better enforcement and modernisation of EU consumer protection rules would amend four of the seven main horizontal Directives, which form the core of EU consumer legislation and apply to all economic sectors: the Unfair Commercial Practices Directive (UCPD), the Consumer Rights Directive (CRD), the Unfair Contract Terms Directive (UCTD), and the Price Indication Directive (PID). Matters addressed include the harmonisation of  penalties for infringements and possibilities for individual consumer redress, increased transparency on online marketplaces, and extended consumer protection when it comes to 'free' digital services.

The proposed Directive on representative action for the protection of the collective interests of consumers would essentially establish the first EU-wide right of collective redress.

State-of-play of legislative process

On 22 January, the European Parliament's Internal Market and Consumer Protection Committee adopted the amended draft legislation on better enforcement and modernisation of EU consumer protection rules. Once the draft text has been adopted in plenary, negotiations with the Council can start. Member States will be required to transpose the Directive into national law within 18 months after its adoption, with national provisions to apply from six months after the transposition deadline.

As regards the proposed Directive on representative actions for the protection of the collective interests of consumers, the first reading in plenary is scheduled for 13 March 2019. Once Parliament and Council will have adopted their negotiating positions, inter-institutional negotiations can begin. Member States will expectedly have 18 months to transpose the Directive into national law following its adoption, with national provisions to apply from six months after the transposition deadline.

 

Docent

J. (Jeroen) Jansen, partner DLA Piper UK LLP

Voertaal

Engels

PE punten

6 (excl. toetsing)

8 (incl. toetsing)

Datum

6 juni 2019

Tijd

12.30u tot 17.30u

Kosten

€ 400,- (excl. toetsing, incl. certificaat)

€ 500,- (incl. toetsing, incl. certificaat)

Locatie

Gebouw E, zaal E0.07

Roeterseilandcampus - gebouw E

Ruimte zaal E0.07
Roetersstraat 11
1018 WB Amsterdam