This is proposed to have to be implemented by national domestic legislation by 30th June 2002 and will provide if implemented:
- "Pre-Contract Information"; Consumers have to be provided with a comprehensive set of information, the contractual terms and conditions, in a durable medium (print or Writing), allowing consumers to compare various offers and examine the contract adequately before concluding the contract.
- A "cooling off" period of between 14 and 30 days for most financial products to allow the consumer to withdraw from the contract without penalty. Mortgage loans which have concluded are exempt (as are trading in securities, foreign exchange services, certain short term non-life insurance products).
- The right to be refunded and other basic consumer rights in cases where financial services ordered were partially or totally unavailable.
- The supplier's right to be compensated if the consumer decides to withdraw once performance of the service had already begun.
- A prohibition on "inertia selling" (i.e. on providing distance services which have not been requested).
- Limitations on "cold calling" and other distance communications without the prior consent of the consumer.
- Complaints and redress procedures; facilitation of extra judicial settlement of financial services disputes.
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