PracticeConsultingOnline rules needed sooner, says CBI

Online rules needed sooner, says CBI

The Confederation of British Industry has welcomed a European Commission proposal for a set of uniform rules governing online sales of financial services across the EU, but says they must be implemented sooner than projected.

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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