Telesales of financial services may be banned in Sweden, says Handelsbanken

A ban on telesales of financial services in Sweden has moved closer according to a report carried by Handelsbanken’s online television channel.

The ban could include insurance and investment products, as well as loans.

The latest focus on the issue comes about nine months after the Swedish Consumer Agency and PTS regulator the Swedish Post and Telecom Authority, jointly called for new law that would require consumers to provide written agreement for contracts, rather than verbal agreement, in order to reduce the negative impact of aggressive telesales.

Telesales generally are regulated by local implentation of European law on distance marketing.

However, Handelsbanken reports that the number of complaints has risen in the past year, particularly against those selling intermediary services relating to the country’s PPM system of long term savings.

Financial Markets minister Peter Norman last year highlighted the issue, and said he was prepared to use legislation to curb the problem.

Click below to see the report in Swedish.

 

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