Renationalisation of direct selling—the impact of the new Consumer Rights Directive on financial services

Abstract

The Consumer Rights Directive (Directive 2011/83/EU) has not only revamped and largely harmonised the law on off-premises contracts in the European Union; it has also repealed the old Doorstep Selling Directive (Directive 85/577/EEC). Unlike the latter measure, the new Consumer Rights Directive does not apply to financial services at all. This results in regulatory freedom for the member states in the area of off-premises financial services contracts but also opens a gap in consumer protection. This article criticises the reduction of consumer protection at European Union level in the area of financial services, revisiting European Court of Justice cases such as Dietzinger and Heininger that were of greatest importance for the protection of consumers, and even for the development of European private law in general.