In November 2023 the European Union enacted Directive (EU) 2023/2673 with regards to financial services contracts concluded at a distance. The Directive, among other things, amends Directive 2011/83/EU on consumer rights. In article 1, the directive adds a new article to the directive on consumers rights. The new article 11a states that when distance contracts are concluded by the means of an online interface, the trader shall ensure that the consumer can also withdraw from the contract by using a withdrawal function. The withdrawal function shall be labelled with the words “withdraw from contract here” or an unambiguous corresponding formulation in an easily legible way. The withdrawal function shall be continuously available throughout the withdrawal period. It shall be prominently displayed on the online interface and easily accessible to the consumer.
The withdrawal function should allow consumers to submit an online statement including:
- Their name,
- Details for identifying the contract,
- Contact information for receiving confirmation of the withdrawal.
After completing the withdrawal statement, consumers must be able to submit it through a confirmation function labelled “confirm withdrawal” or with an unambiguous corresponding formulation.
Upon submission, the trader must promptly provide the consumer with an acknowledgment of receipt on a durable medium, including the content, date, and time of the submission.
The consumer shall be considered to have exercised his or her right of withdrawal within the relevant withdrawal period if he or she submitted the online withdrawal statement before that period expired.
