Shopping on credit: Brussels wants to strengthen consumer protection

According to the EU Commission, consumer protection when shopping online and in the consumer credit market is to be significantly strengthened. In the future, online retailers could bear greater responsibility for the products they sell.

According to the will of the EU Commission, consumer protection for Internet purchases and in the consumer credit market is to be significantly strengthened. According to proposals presented in Brussels on Wednesday, online retailers could in future bear greater responsibility for the products they sell. For example, new regulations are intended to ensure that dangerous products are recalled from the market. In addition, the Commission wants to address dangers that could emanate from new technical products such as wireless headphones. These include, for example, cybersecurity risks.

Stricter information requirements

The proposal for consumer credit agreements is about the fact that existing protective rules should also apply in the future to credits under EUR 200 as well as to leasing agreements and overdrafts. In addition, there are plans to tighten information requirements for providers. The member states should also undertake to set ceilings for interest rates and the total cost of the loan.

“We will give market participants more responsibility and make it more difficult for fraudulent players to hide behind complicated legal jargon,” commented Commission Vice-President Vera Jourova. Justice Commissioner Didier Reynders pointed out that digitization had been accelerated again by the corona pandemic and had led to an increase in online shopping and a change in the financial sector.

According to the Federation of German Consumer Organizations (vzbv), around 6.7 million new installment loan agreements were concluded in Germany alone in 2020. The sum of consumer loans was therefore 235 billion euros. The vzbv has been calling for reforms for a long time. The Member States and the European Parliament must now discuss the Commission’s plans. You then decide whether the existing EU directives are to be adapted as proposed.

Source: com! professional by

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