EU to strengthen market rules for digital financial services

By Joel Poultney (May 11, 2022, 5:21 p.m. BST) – The European Commission wants to modernize its rules for the marketing of financial services with proposals announced on Wednesday aimed at strengthening consumer protection online and allowing cross-border access to services in the market. unique.

The European Union executive has said rules governing the marketing of digital financial services are outdated and lack clarity. Its proposed reforms are designed to match contemporary online consumer habits by revamping the regulatory framework introduced in 2002 to govern cross-border financial services.

Věra Jourová, vice-president of the commission, said in the announcement that the EU must “ensure that the rules of the…

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