Projective Group: EU raises the bar for online investment services

As of June 19, 2026, new rules for distance financial services apply across the European Union. The revised regulations are intended to provide better consumer protection when purchasing financial products and services online. The new rules also require organizations to critically assess how customer journeys, information provision, and digital processes are designed.

The changes stem from the revised European rules governing the distance selling of financial services to consumers. While the regulation extends beyond investing, this article focuses on firms that provide online investment services.

The new rules tighten requirements regarding pre-contractual information. Providers must not only inform consumers about the features, costs, and risks of a service, but also be able to demonstrate that this information was provided in a timely manner and through the appropriate channels.

For investment firms, this means onboarding processes and digital customer journeys must be properly documented and supported by evidence. If mandatory information is not provided completely or on time, the statutory withdrawal period may be extended significantly.

For many organizations, this will not constitute an entirely new obligation. However, it does require a critical review of existing processes and supporting documentation. In digital customer journeys in particular, firms must be able to demonstrate what information was made available to customers and when.

Digital customer journeys under greater scrutiny

A notable change is the increased focus on the design of websites, apps, and other digital channels. European lawmakers aim to prevent consumers from being unintentionally steered toward certain decisions through design choices.

So-called ‘dark patterns’ are explicitly prohibited. Examples include interfaces that make it easy to purchase a product while making it unnecessarily difficult to modify or terminate it. Repeatedly steering consumers toward the same choice (‘nudging’) or disproportionately emphasizing certain options (‘nagging’) is also discouraged.

For many providers, the challenge lies not so much in the regulation itself, but in the way existing customer journeys have been designed. Features that may appear logical from a commercial or user experience perspective could be viewed differently from a consumer protection standpoint.

This therefore presents a good opportunity to review digital customer journeys holistically. The focus should not be limited to conversion rates or ease of use, but should also include transparency, consumer protection, and compliance.

The right to human support

The regulation also reflects the continued digitalization of financial services. Consumers are granted the right to request human assistance when using automated or digital processes.

This particularly affects firms that rely heavily on digital onboarding, robo-advice, or automated customer interactions. Consumers must be able to reach a staff member who can, in the same language in which the pre-contractual information was provided, explain the service being offered and the implications of entering into the agreement.

For many investment firms, this will not be an entirely new requirement. Nevertheless, it calls for clear processes regarding accessibility, escalation, and support to ensure that customers can access human guidance at the appropriate time.

Reassessing existing processes 

Many organizations already comply with existing Mifid II requirements regarding information disclosure and consumer protection. However, the new rules place additional emphasis on how digital services are implemented in practice.

In particular, the combination of digital customer journeys and demonstrable information disclosure requires a reassessment of existing processes. This is not solely a compliance issue, but also a question of whether customer interactions remain aligned with the expectations of regulators and consumers.

With June 19, 2026, marking the effective date, this is a logical time to re-evaluate onboarding flows, customer communications, and digital interfaces. In many cases, significant changes may not be necessary. Instead, a focused review and substantiation of existing choices can help strengthen both the customer experience and demonstrable compliance.

Finally, we would like to highlight an important amendment to the Dutch Telecommunications Act that takes effect on July 1, 2026. From that date onward, prior consent will be required before contacting existing or former customers by telephone for commercial purposes. The current exemption for existing customer relationships will therefore no longer apply to telemarketing activities. For digital direct marketing, such as email and SMS, the exemption remains in place for the time being.

Dinand Jansen is a Legal & Regulatory consultant at Projective Group. Thomas Moesker is a Legal & Regulatory consultant and Capability lead at Projective Group. Projective Group is a member of Investment Officer’s expert panel.