French Monetary and Financial Code
In forceFor the application of article L. 341-12, the direct seller shall provide the canvassed person with information concerning:
1° The identity, principal activity and geographical address at which the financial services provider is established, as well as any other address necessary for monitoring relations between the canvassed party and the provider. The direct seller shall also provide the person being canvassed with his identity and that of his addresses to be taken into account in his dealings with the direct seller.
Where the supplier is registered in the Trade and Companies Register, it will provide the canvasser with its registration number. In addition, persons subject to authorisation provide the person canvassed with the contact details of the authorities responsible for their supervision.
2° The financial service: the direct seller provides the person canvassed with information on the total price due, including all related commissions, charges and expenses and all taxes paid by the direct seller. The direct seller will also provide information on the existence of any other taxes or charges not paid or invoiced by the direct seller.
Where applicable, the direct seller shall inform the person being canvassed that the financial service is linked to instruments that involve particular risks due to their specific features or the transactions to be carried out, or whose price depends on fluctuations in the financial markets over which the supplier has no influence, and that past performance is not an indication of future performance.
The direct seller shall provide the person being canvassed with information about any limitations on the period during which the information provided is valid, the methods of payment and execution and, lastly, if applicable, the existence of any specific additional costs for the person being canvassed relating to the use of the remote communication technique.
3° The distance contract: the direct seller provides the canvassed party with information on the existence of the right of withdrawal referred to inArticle L. 222-7 of the Consumer Code, its duration, the possible financial consequences of its implementation, and the address to which the canvassed party must notify his decision to withdraw. Information on the absence of such a right and the consequences thereof shall be provided by the direct seller to the person canvassed.
For contracts to which the withdrawal period referred to in the same Article L. 222-7 applies, the direct marketer shall provide the canvassed party with information to the effect that, unless the latter expressly agrees, the contract may not commence to be performed until the withdrawal period has expired. For the consumer credit agreements provided for in Chapter I of Title I of Book III of the Consumer Code, the direct seller provides the canvassed party with information on the fact that, even with his agreement, the agreement cannot begin to be executed during the first seven days, except in the case of affected credit agreements, which cannot begin to be executed during the first three days.
The direct seller shall provide the person canvassed with information on any rights held by the parties to terminate the contract, without omitting any contractual penalties.
Where the contract is for successive performance, the direct seller shall provide the canvassed party with information on the minimum duration.
Information on the language or languages that will be used between the parties during the pre-contractual relationship, as well as the language or languages in which the contract will be drawn up, is provided to the canvasser. The language used during the contractual relationship shall be chosen in agreement with the person being canvassed.
4° Remedies: the direct seller shall provide the canvassed party with information on the existence or absence of accessible out-of-court complaint and redress procedures and, if such procedures exist, on how to exercise them. Information on the existence of guarantee funds or other compensation mechanisms, such as the mechanisms for compensating depositors, investors and guarantors mentioned in articles L. 312-4, L. 313-50 and L. 322-1 respectively, is also provided to the canvassed person.
5° In the case of voice telephony communications, the identity of the direct seller and the commercial nature of the call initiated by the direct seller are clearly indicated at the beginning of any conversation with the person being canvassed.
Subject to the formal agreement of the person canvassed, only the following information need be provided:
a) The identity of the canvasser and the link between this person and the supplier;
b) A description of the main features of the financial service;
c) The total price payable by the canvasser to the supplier for the financial service, including all taxes paid by the direct seller or, where an exact price cannot be given, the basis for calculating the price so that the canvasser can verify the price;
d) Indication of the existence of any other taxes or charges not paid or invoiced by the direct seller;
e) The existence or absence of the right of withdrawal referred to in Article L. 121-29 of the French Consumer Code and, if this right exists, its duration and the terms and conditions for exercising it, including information on the amount that the person canvassed may be required to pay pursuant to Article L. 121-30 of the same code.
The supplier shall provide the consumer with information on, firstly, the fact that other information may be provided on request and, secondly, the nature of this information.
