The conditions of informing the consumers of distance financial services – before and after the signing of contracts – will be strictly regulated. Under a relevant bill approved by the Government, the regulations will govern the retail financial services, including bank, insurance, payment and investment ones, and the pension funds that are negotiated at a distance by any means that do not require the simultaneous physical presence of the sides, IPN reports.

However, the providers of financial services and the consumers will have a meeting where they will sign the contract. Deputy Prime Minister and Minister of Economy Valeriu Lazar said the bill stipulates clear requirements and standard conditions as regards the informing of consumers before the signing of distance contracts. This will enable the consumers to correctly choose the provider of financial services. An important provision of the bill refers to contract termination. Any consumer has 14 days at the disposal to terminate the contact without facing penalties.

The Consumer Protection Agency will ensure the supervision on this segment.