Selling Mortgages on the Net

A report on a proposed Community directive on the distance marketing of consumer financial services was adopted after amendment by the EU committee on the Environment, Public Health and Consumer Protection.

1. The report is due to be considered by the European Parliament in Strasbourg early this month.
2. The aim of the proposal is to facilitate the sale by telephone, fax, internet and (in France) Minitel of financial services such as banking, insurance, investment and mortgages while, at the same time, protecting consumers from fraud, high-pressure salesmanship and certain unsolicited sales communications.
3. The main debate in committee was between two camps, the 'maximalists' and the 'minimalists'.