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On 6 June, negotiators from Parliament and Council reached a provisional political agreement (not publicly available yet) on the reform of EU rules on the marketing of financial services contracts concluded at a distance (DMFSD). Legislators agreed to introduce a “withdrawal function” for all contracts concluded online – in line with the position of FEDMA that was advocating for the use of a technologically neutral term instead of the initial “withdrawal button” proposal. According to the agreement, the withdrawal function will be easily accessible and clearly visible. After the consumer has submitted their request, they must receive a confirmation of the withdrawal from the trader “without undue delay”.

Next steps

In the following months, both the Parliament and the Council will have to formally adopt the text.