Commission of the European Communities green paper on financial services: meeting consumers' expectations

The European Council concurred on a proposal for a consumer protection directive regarding distance contracts. On Dec. 15, 1995, the amendment relating to financial services embodied in the proposal did not pass the second reading in the European Parliament because of failure to get a majority vote. The Green Paper involved the protection of private consumers in financial services marketing especially with regards to distance selling. The proposal is an indication that steps are being taken to protect consumers but more effort should be exerted to address the problem.