Europe to let nations decide on financial spam

Friday, 17 May 2002, 11:26 AM EST

A proposed directive that was approved this week by the European Parliament will leave individual member nations with the decision as to whether financial services spam should be an opt-out or opt-in choice for consumers.

A set of Europe-wide rules covering the marketing of financial services like credit cards and investment funds over the Internet and by telephone has been proposed by the European Commission.

The commission's aim is to protect consumers contacted online or over the phone by marketers trying to sell contracts to financial services. It says there is a legislative gap in consumer protection for distance selling caused by the exclusion of financial services from European rules set out in 1997.

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