The New European Union Legal Framework on Consumer Financial Services Contracts Concluded at a Distance

Financial services contracts are the backbone of the whole economy, and the EU has paid particular attention over this. The new regulation after Directive 2023/2673 tries to be more simple, but that is a very hard goal since financial sector is very complex and dynamic and a higher legal protection of customers is needed when contracts are concluded at a distance and even more as when they are consumers. These circumstances determine the existence of overlapping rules with partially same scopes of application. The main items of the new regulation are the preliminary information and its requirements and other rules over the end of the period for exercising the right of withdrawal, formalities for this purpose in the case of click-wrap contracts and others, in order to improve a certain online fairness in the market of financial services.