EU To Strengthen Digital Financial Services Market Rules

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

The Europe Union's executive branch said that the rules governing the marketing of digital financial services were outdated and lacked clarity.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, a vice president at the commission, said in the announcement that the EU needs "to ensure that the rules of the...

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