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ARTICLE · 24 OCTOBER 2023

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Distance Marketing: Reforms Finalised (Likely To Apply Mid-2026)

Arthur Cox
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Updated rules for distance marketing of consumer financial services were finalised today by the EU Council, following approval by the European Parliament. The next step is publication in the Official Journal.

IrelandFinance and Banking
Arthur Cox
Arthur Cox
Robert Cain
Robert Cain
Sarah Thompson
Sarah Thompson
Belinda Tang
Belinda Tang
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Updated rules for distance marketing of consumer financial services were finalised today by the EU Council, following approval by the European Parliament. The next step is publication in the Official Journal. Member States must, not more than 24 months + 20 days later, publish transposing measures (including provisions regarding penalties/enforcement), and apply the new rules 6 months after that.

The Commission announced its proposals in May 2022 (read our insights here).

The existing Directive will be repealed. The new rules will sit in a dedicated chapter of the 2011 Consumer Rights Directive (CRD). With limited exceptions, the new rules will be ringfenced from the existing CRD provisions (albeit provisions of the CRD regarding inertia selling and reporting will apply to distance marketing of financial services contracts).

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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