Recent regulatory developments of interest to financial institutions with focus on consumer finance. See also our Related Materials links for updates with broader application.
- EU consumer credit websites: European Commission findings from mini-sweep
EU consumer credit websites: European Commission findings from mini-sweep
The European Commission has published an updated webpage providing information on its findings during a mini-sweep of consumer credit websites in 2021. A "sweep" is a set of checks carried out on websites simultaneously to identify breaches of EU consumer law in a particular sector. The primary objective of the consumer credit mini-sweep was to check on:
- various technical devices (PC, tablets and smartphones) whether traders comply with EU consumer rules on standard information in online advertising of consumer credit;
- if the overall presentation of the consumer credit offers are misleading consumers; and
- whether there are offers aggressively exploiting consumer vulnerabilities.
Once a sweep has been carried out by the Commission and national enforcement authorities simultaneously, the national authorities are expected to ask relevant traders to take corrective actions.