Saracens Blog

Financial law services and distance selling regulations

With the advent and consequent rise of the internet, business is increasingly being conducted on the internet. In order to ensure that this is regulated, one branch of Financial Law Services which has developed is the distance selling regulations (Consumer Protection (Distance Selling) Regulations 2003).

This regulation forms an important element in Financial Law Services. The regulations act as a protective measure for consumers only. It is not aimed at businesses. This is, arguably, a unique feature of this aspect of Financial Law Services given the fact Financial Law Services is aimed at regulating and protecting businesses alike.

The regulations provide that consumers should be given clear information. For example, they should be clearly notified of their right to cancel, information relating to the nature of the goods as well as information relating to the price of the goods. The facts these features must be highlighted is in keeping with the nature and purpose of Financial Law Services which aims to ensure that there is transparency in all financial activity.

In light of this type of Financial Law Services it is vital that businesses ensure that their websites incorporate the above requirements. For example, before a customer is placing an order, a repetition of the information relating to the purchase could be given. This will ensure that the consumer is clearly aware of his/her rights. Moreover, and arguably more importantly, it will ensure compliance with this particular Financial Law Services. Furthermore, the regulation does not apply to businesses and so a different website could be created for business customers.

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