Financial services contracts concluded at a distance | New directive enters into force

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The use of digital tools by consumers has been increasing at a rapid pace in recent years, including for the conclusion of financial services. It is in this context that the European Commission has taken action to increase consumer protection by updating the EU’s legislative arsenal, which until recently consisted mainly of Directive 2011/83/EU as regards financial services contracts (the “2011 Directive”) and Directive 2002/65/EC concerning the distance marketing of consumer financial services (the “2002 Directive”). 

This initiative of the European Commission culminated in the adoption of Directive (EU) 2023/2673 of 22 November 2023 (the “New Directive”) amending the 2011 Directive and repealing the 2002 Directive. The Directive entered into force on 18 December 2023.