Treasury moves to implement the EU Distance Marketing of Consumer Financial Services Directive "will mirror" the OFT's reminder released this week that businesses must take note of distance selling regulations.
The Directive lays down rules on credit cards, investment funds, pension plans and other products sold to consumers via telephone, facsimile or the internet.
Distance selling of financial services to consumers is not covered by the OFT's responsibilities – that falls to the Treasury and FSA to work out - but a spokesman for the Office says the rules when they do come about will reflect what has been highlighted by the rules governing selling of non-financial services.
Recognising the importance of distance selling is important because figures show, for example, 48% of UK households have access to the internet, while 50% of adults already buy non-financial goods and services online, according to OFT figures.
Non-financial services distance selling regulations cover the internet, text messaging, phone calls, faxing, interactive television, mail order catalogues, and mail order advertising in magazines and newspapers.
Treasury consultations on the Directive covering distance marketing of financial services closed in October last year, suggesting the new rules could come into effect by October 2004.IFAonline
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