Consumer finance regulatory news, 26 April 2021

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• EU consumer credit websites: European Commission findings from mini-sweep

EU consumer credit websites: European Commission findings from mini-sweep

The European Commission has published an updated webpage providing information on its findings during a mini-sweep of consumer credit websites in 2021. A "sweep" is a set of checks carried out on websites simultaneously to identify breaches of EU consumer law in a particular sector. The primary objective of the consumer credit mini-sweep was to check on:

• various technical devices (PC, tablets and smartphones) whether traders comply with EU consumer rules on standard information in online advertising of consumer credit;
• if the overall presentation of the consumer credit offers are misleading consumers; and
• whether there are offers aggressively exploiting consumer vulnerabilities.

Once a sweep has been carried out by the Commission and national enforcement authorities simultaneously, the national authorities are expected to ask relevant traders to take corrective actions.

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Authored by Yvonne Clapham