Consumer Financial Services definition
Examples of Consumer Financial Services in a sentence
Under the Distance Marketing Consumer Financial Services Law of Cyprus, we are required to provide certain information in agreements entered into with our customers that are concluded exclusively through means of distance communication (e.g. telephone, fax, e-mail or internet).
It is amongst others, governed by the Distance Marketing of Consumer Financial Services Law of 2004, L.242(I)/2004, as amended.
The Distance Marketing of Consumer Financial Services Law N.242(I)/2004, which implements EU Directive 2002/65/EC, does not require the Agreement to be physically signed by either the Client or the Company in order for both of the Parties to be legally bound by it.
This does not affect the notice periods already provided under European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015) or the European Communities (Distance Marketing of Consumer Financial Services) Regulations 2004 (S.I. No. 853 of 2004) which is 30 days in respect of life policies, irrespective of whether the sale took place on a non-face to face basis, and 14 days in respect of general policies only on sales that took place on a non-face-to-face basis (distance sales).
Under the Distance Marketing Consumer Financial Services Law of Cyprus, we are required to provide certain information in agreements entered into with our customers that are concluded exclusively through means of distance communication (e.g. Telephone, fax, e-mail or internet).
The law on the Legal Framework for Electronic signatures and other Related Matters (Law 188(I)2004), the Law on Certain Aspects of the Services of the Information Society and especially of Electronic Commence and Other Related Matter (Law 156(I)/2004) and the Distance Marketing of Consumer Financial Services Law 242 (I) of 2004 does not require the Agreement to be signed by either Party in order to be legally binding on them.
As this Agreement is a distance contract, it is amongst others, governed by the Distance Marketing of Consumer Financial Services Law N24(I)/2004, implementing the EU Directive 2002/65/EC, under which this Agreement has the same rights and liabilities as a duly signed contract.
Where the order has been executed, taking into account that investment services have been provided in relation to financial instruments whose price depends on fluctuations in the financial market outside the CIF’s control, the Client has no right of withdrawal even if the order was entered or sent and executed via means of distance communication, in line with the relevant provisions of the Distance Marketing of Consumer Financial Services Law of 2004.
Information about your Distance Contract pursuant to the European Communities (Distance Marketing of Consumer Financial Services) Regulations 2004 The credit card issuer is The Governor and Company of the Bank of Ireland (the “Bank” or “Bank of Ireland”).
Please note that the Distance Marketing of Consumer Financial Services Law N.242(I)/2004, which implements the EU Directive 2002/65/EC, does not require the Agreement to be physically signed by either the Client or the Company in order for both the abovementioned parties to be legally bound by it.