E-commerce for financial services: working with the new UK rules

The E-Commerce Directive (2000/31/EC) aims to open up the cross-border financial services market and is currently being implemented across the European Economic Area (EEA). John Worthy (Partner) and Nicholas Graham (Senior Solicitor) of the IT/E-Commerce Group and Robert Finney (Partner) of the Financial Markets and Regulation Group at Denton Wilde Sapte explore the new UK rules and the opportunities they present for the financial services sector.

John Worthy jnw@dentonwildesapte.com. Nicholas Graham nrsg@dentonwildesapte.com. Robert Finney rfjf@dentonwildesapte.com

Financial services products are particularly well suited to e-commerce and the Internet. Interactive digital TV and m-commerce (selling products over mobile phones and PDAs) will present further commercial opportunities. However, progress so far has been limited by the complex European regulatory framework and a lack of consumer confidence. The new rules aim to reduce these barriers and help develop the cross-border financial services market.