As of today, Monday 18 December 2023, it takes just one click to withdraw from online financial services contracts.
This is provided for by new rules issued by the European Union and entered into force today. This is a directive on financial services sold at a distance created to strengthen consumer rights and promote the cross-border provision of financial services in the single market.
Consumers will now be able to withdraw from a contract with one click, thanks to a new 'withdrawal button' to be introduced by service providers. In addition to the obligation to provide clearer pre-contractual information, the rules also require that customers be provided with human assistance in cases where chatbot communication is not satisfactory.
The new rules stem from the revised 2002 directive and aim to better address the digitisation of the sector, new types of financial services and online transactions. Member states are required to transpose the directive by 19 December 2025.