Czech Republic: distance marketing of consumer financial services
02 Mar 2006
Czech Republic
1 min read
Consumers are to receive additional protection when being sold financial services over the internet. New rules are being introduced to regulate all distance marketing of consumer financial services in the Czech Republic.
The new rules include:
- a duty to provide consumers with information (specifically regarding the identity of the financial services provider, the service to be provided and the distance contract to be concluded)
- the right of the consumer to withdraw from the contract within a period of 14 days without any sanction and with a full refund (subject to exceptions)
Insurance businesses, banks and other credit institutions, investment firms and pension funds need to adapt their marketing policies quickly to ensure they comply with the new rules, which will apply to all distance contracts concluded from the date the new law enters into legal force, which can be expected in a few weeks.
Law: amendment to the Civil Code, implementing EU Directive 2002/65
