9.1 What requirements must banks comply with to protect
consumers in your jurisdiction?
The Luxembourg Consumer Code includes a number of requirements
that must be complied with by professionals when dealing with
consumers. These include requirements with respect to information
to be provided to consumers, unfair business practices and specific
requirements in relation to contracts entered into with consumers,
including mortgage loan agreements and consumer credit
agreements.
With respect to consumer credit and mortgage lending, the
Luxembourg Consumer Code:
- requires professionals to provide certain information to
consumers prior to entering into a contract with them, includes
certain conditions with respect to advertising (in particular,
specific information that must be mentioned, and the way in which
it must be displayed);
