EC Roaming Regulations

The first benchmark report on international roaming was published on the 17 January 2008 by the European Regulators’ Group. This report confirms that implementation of the roaming regulation has generally gone smoothly with a high level of compliance in all EU Member States. The European Commission welcomes the findings of this report and urges national regulators to continue monitoring developments so that all European consumers benefit fully from lower roaming charges when making or receiving calls from abroad.

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European Parliament back new rules on consumer loans

Consumers across Europe look set to be able to make better informed choices when they take out consumer credit loans - paying for holidays, weddings or a new car - following a decision in the European Parliament on Wednesday 16 January 2008. The proposed EU Directive on Consumer Credit Loans aims to break open the €800 billion EU consumer loans market which remains largely fragmented into national markets denying consumers choice and more competitive prices. The new rules will make the market more transparent for consumers and business competitors. The main effect will be to provide standard, comparable information to customers across the EU taking out a credit loan. Under the new rules, consumers will be assured access to key facts and figures in advertisements. For credit offers, the information given to consumers (e.g interest rates, amount, number and frequency of payments, the obligation to take out an insurance or the charges for defaulting) must be set out in a new comparable EU-wide European Credit Information Form. And there will be a new single EU-wide method for calculating the Annual Percentage Rate of Charge (APR) so consumers can see the real cost of credit. The proposed directive also sets common standards on a right of withdrawal so consumers can change their mind. This Consumer Credit Directive is part of a bigger drive to boost the cross border market in retail financial services as set out in the recently published Green Paper on Retail Financial Services.

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