Complaints On Abusive Clauses To Consumer Protection Service

The Consumer Protection Service has recently issued a statement addressing complaints regarding abusive clauses in financial contracts, which follows the initiation of an infringement procedure (INFR(2024)0018) against Cyprus by the European Commission. The key points from the announcement are as follows:

Context and Legislative Background

The infringement procedure relates to the implementation of Directive (EU) 2021/2167, which regulates credit servicers and credit purchasers. This directive, comprising seven legislative acts, is essential for the management of non-performing loans across the EU, setting common standards and requirements for handling credit portfolios.

Implementation and Legal Actions