New Cyprus rules require clearer explanations before online financial contracts
Directive 2026/01/CPS requires traders to explain remote financial services free of charge before a consumer signs.
What this report covers
The directive applies in the Republic of Cyprus and enters into force four months after its 11 September publication in the Official Gazette.
Local context
The Consumer Protection Service announced Directive 2026/01/CPS, published as Regulatory Administrative Act 333/2026. It specifies how traders offering financial services at a distance must give consumers adequate explanations before a contract is concluded.
Who this matters to
The explanation must be free and help the consumer understand the main features of the proposed service and any ancillary services, and assess whether they fit the consumer’s needs and financial situation. The four-month implementation period gives providers time to adapt digital sales, scripts and records.