Financial institutions need more time to simplify contract termination

FinTech Poland urges the Ministry of Finance to extend the implementation period for new consumer protection regulations from 30 days to 6 months. The proposed changes aim to simplify the process for consumers to withdraw from financial service contracts made online or via mobile apps. The Ministry plans to introduce a clear withdrawal button and prohibit misleading online interfaces. Additionally, businesses will need to provide more comprehensive information to consumers before contract signing, ensuring clarity and understanding of financial services. The legislative process is currently in the consultation phase.