European Central Bank
European Central Bank

Unfair Terms in Banking & Financial Contracts

2022 until 2023
Project member(s)
Prof. D. Busch (Danny) Prof. M. Lehmann (Matthias)
Project type

Directive 93/13/EEC on unfair terms in consumer contracts (‘Unfair Terms Directive’ or ‘Directive’) is a well-known and successful piece of EU consumer legislation. For more than 25 years, the Directive has been followed by national civil courts of the Member States and other relevant actors, such as ADR-bodies, with regard to a broad range of contracts between businesses and consumers. Its application to contracts concluded with financial institutions such as banks, investment firms and insurance companies (‘banking and financial contracts’), however, is a relatively recent phenomenon in most jurisdictions. The book proposed here will be welcomed by academics specializing in consumer law, financial law, EU law and contract law. Moreover, and perhaps even principally, it will be of interest for financial institutions such as banks, investment firms and insurance companies, who typically operate in multiple European jurisdictions and should therefore be well-aware of the threats posed by the Unfair Terms Directive (and similar national rules) in the jurisdictions in which they are active. The book will also be of interest for consumer lawyers, consumer organisations, national courts and other relevant actors such as ADR-bodies, for whom the application of the Directive (and similar national rules) to banking and financial contracts in other jurisdictions will serve as a source of knowledge and inspiration.

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