In his proposal the minister sets the scene for the fact that the impending Danish rules will correspond to a larger extent with other EU countries. According to the Danish Bankers Association, it is important that companies have the same competitive conditions in relation to Danish and foreign competitors.
More specifically, the new law means that marketing loans will involve the same requirements for all companies in relation to loans and housing loans.
However, if a rate of interest or numerical value is not stated in the marketing materials, there is no obligation to disclose a variety of standard information about lending conditions in the marketing activity.
“Signposting rules are important for transparency when the individual consumer must make a decision about which product they want to buy,” says the Legal Executive Director at the Danish Bankers Association, Kenneth Joensen.
“Therefore, we need to establish rules about signposting the prices of loans for financial companies and non-financial companies,” he continues.
This is the Danish Bankers Association’s opinion and the Danish Consumer Council and the price portal MyBanker agree.