Minister David Clarinval has announced new legislation on online financial services (DMFSD). These rules ensure better protection for consumers who take out insurance, a loan, an investment product or a payment solution online.
David Clarinval, Minister of Employment: “With this bill, we are guaranteeing fair competition and more trust in the online financial services market. Transparent rules not only provide security for consumers but also clarity for businesses in the financial sector. I am delighted with this progress, which modernises the regulatory framework, strengthens transparency and supports the sector's competitiveness in the digital age.”
The bill approved by the Council of Ministers transposes a new European directive that replaces the old 2002 rules and adapts them to the digital age. Consumers will now benefit from greater clarity, easier access to information and a strengthened right to human intervention.
Main improvements for consumers
• An obligation to provide adequate explanations so that consumers can assess whether the service offered suits their needs and financial situation.
• The right of withdrawal is made easier for all online contracts thanks to a simple withdrawal function: a contract can be cancelled within 14 days with a single click.
• Right to human intervention: in the event of problems or questions, a chatbot can never be the only option.
• Explicit ban on misleading and manipulative online techniques (“dark patterns”): companies may not improperly steer or discourage consumers through tricks such as repeated pop-ups or complex cancellation procedures.
In addition, the directive confirms existing rights, such as the right to clear and complete information before a contract is concluded.
Widely supported compromise
The bill transposing the European directive was drawn up in close consultation with consumer associations, sector federations, self-employed workers and SMEs. Almost all points received unanimous support, which will facilitate its implementation in Belgium.