Consumer finance regulatory news, April 2021 # 3

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Recent regulatory developments of interest to financial institutions with focus on consumer finance. See also our Related Materials links for updates with broader application.

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  • 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.

[View source.]

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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