Online rules needed sooner, says CBI

The Commission has called for more coherent legislation for online sales of financial services, which are currently subject to a variety of different national rules.

The EC wants to ensure the free flow of financial services across the internet and build consumer trust, for example, guaranteeing them a refund if they are unjustifiably charged in case of credit card fraud.

The CBI said the legislation would create more opportunities for companies and give customers a wider choice, but it is concerned that a slow timetable could mean a five-year wait before changes are implemented.

Nigel Hickson, CBI head of e-business, said: ‘We urge the Commission to be more bold. At the very least, it needs to have agreed changes in time for the adoption of the E-Commerce Directive in 2002.’

The EU’s E-commerce Directive is to be transposed on 17 January 2002 and is aimed at establishing an integrated European market in financial services, creating the conditions that will allow e-commerce to flourish.



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