Consumer Rights Directive

1. In good time before the consumer is bound by a distance contract, or any corresponding offer, the trader shall provide the consumer, in a clear and comprehensible manner, with the following information:

(a) the identity and the main business of the trader and, where applicable, the identity and the main business of the trader on whose behalf he is acting;

(b) the geographical address at which the trader is established as well as the trader’s telephone number and email address, or details of any other means of communication offered by the trader and, where applicable, those of the trader on whose behalf he is acting; all those means of communication offered by the trader shall enable the consumer to contact the trader quickly and to communicate with him efficiently and guarantee that the consumer can keep any written correspondence with the trader on a durable medium;

(c) relevant contact details enabling the consumer to address any complaints to the trader, and, where applicable, to the trader on whose behalf he or she is acting;

(d) where the trader is registered in a trade or similar public register, the register in which the trader is entered and the registration number or an equivalent means of identification in that register;

(e) where the trader’s activity is subject to an authorisation scheme, the name, address, website and any other contact information of the relevant supervisory authority;

(f) a description of the main characteristics of the financial service;

(g) the total price to be paid by the consumer to the trader for the financial service, including all related fees, charges and expenses, and all taxes paid via the trader or, when an exact price cannot be indicated, the basis for the calculation of the price enabling the consumer to verify it;

(h) where applicable, information on the consequences of late or missed payments;

(i) where applicable, that the price was personalised on the basis of automated decision-making;

(j) where applicable, a notice indicating that the financial service is related to instruments involving special risks related to their specific features or the operations to be executed or whose price depends on fluctuations in the financial markets outside the trader’s control and a notice indicating that historical performances are not indicators for future performances;

(k) notice of the possibility that other taxes and/or costs that are not paid via the trader or imposed by him might exist;

(l) any limitations of the period for which the information provided in accordance with this paragraph is valid;

(m) the arrangements for payment and for performance;

(n) any specific additional cost for the consumer of using the means of distance communication, if such additional cost is charged;

(o) where environmental or social factors are integrated into the investment strategy of the financial service, information on any environmental or social objectives targeted by the financial service;

(p) the existence or absence of a right of withdrawal and, where the right of withdrawal exists, information on the withdrawal period and the conditions for exercising that right including information on the amount which the consumer may be required to pay, as well as the consequences of non-exercise of that right;

(q) the minimum duration of the distance contract in the case of financial services to be performed permanently or recurrently;

(r) information on any rights the parties might have to terminate the contract early or unilaterally by virtue of the terms of the distance contract, including any penalties imposed under the contract in such cases;

(s) practical instructions and procedures for exercising the right of withdrawal in accordance with Article 16b(1), indicating, inter alia, the trader’s telephone number and email address or details of other means of communication relevant to the sending of the withdrawal statement and, for financial services contracts concluded by means of an online interface, information about the existence and placement of the withdrawal function referred to in Article 11a;

(t) any contractual clause on the law applicable to the distance contract and/or on the competent court;

(u) in which language, or languages, the contractual terms and conditions, and the prior information referred to in this Article, are supplied, and furthermore in which language, or languages, the trader, with the agreement of the consumer, undertakes to communicate during the duration of the distance contract;

(v) where applicable, the possibility of having recourse to an out-of-court complaint and redress mechanism, to which the trader is subject, and the methods for having access to it;

(w) the existence of guarantee funds or other compensation arrangements, not covered by Directives 2014/49/EU and 97/9/EC of the European Parliament and of the Council .

2. Member States may maintain or introduce in their national law language requirements regarding the information referred to in paragraph 1, so as to ensure that such information is easily understood by the consumer.

3. In the case of voice telephony communications, the identity of the trader and the commercial purpose of the call initiated by the trader shall be made explicitly clear at the beginning of any call with the consumer. When a call is being recorded, or might be recorded, the trader shall also notify the consumer that this is the case.

4. By way of derogation from paragraph 1, in the case of voice telephony communications as referred to in paragraph 3, if the consumer explicitly agrees, the trader may provide only the information referred to in points (a), (f), (g), (k) and (p) of paragraph 1 before the consumer is bound by the distance contract. In such case, the trader shall inform the consumer of the nature and the availability of the other information referred to in paragraph 1. The trader shall provide that other information required by paragraph 1 on a durable medium immediately after the conclusion of the distance contract.

5. In the event that the information referred to in paragraph 1 is provided less than one day before the consumer is bound by the distance contract, Member States shall require that the trader sends a reminder to the consumer of the possibility to withdraw from the distance contract and of the procedure to follow for withdrawing, in accordance with Article 16b. That reminder shall be provided to the consumer, on a durable medium, between one and seven days after the conclusion of the distance contract.

6. The information referred to in paragraph 1 shall be provided to the consumer on a durable medium and be easy to read.

The information referred to in paragraph 1 shall be provided upon request in an appropriate and accessible format to consumers with disabilities, including those with a visual impairment.

7. Except for the information referred to in paragraph 1, points (a), (f), (g), (k), and (p), the trader shall be permitted to layer the information where it is provided by electronic means.

Where information is layered, it shall be possible to view, save and print the information referred to in paragraph 1 as one single document.

In such cases, the trader shall ensure that the consumer is presented with all the pre-contractual information referred to in paragraph 1 before the conclusion of the distance contract.

8. As regards compliance with the information requirements laid down in this Article, the burden of proof shall be on the trader.

9. Member States may adopt or maintain more stringent provisions on pre-contractual information requirements than those referred to in this Article, when the provisions are in conformity with Union law.

10. Where another Union act governing specific financial services contains rules on the information to be provided to the consumer prior to the conclusion of the contract, only the rules of that Union act shall apply to those specific financial services, irrespective of the level of detail of those rules, unless otherwise provided in that Union act.

Where that other Union act does not contain rules on information about the right of withdrawal, the trader shall inform the consumer about the existence or absence of such a right in accordance with paragraph 1, point (p).