Sweden: Government Proposes Amendments to Consumer Protection When Providing Payment Services

The Swedish government (Regeringskansliet) has published a memorandum containing proposals for strengthening consumer protection when payment services are provided.

The new requirements shall be included in the Payment Services Act (2010:751) and certain sanctions provisions in the Marketing Act (2008: 486) must be applied if payment methods are not presented in the manner indicated. 

The background

The memorandum provides background to the proposed change, namely that there is an increase in consumer credits in Sweden and a recent increase in large debts in Swedish households, which apply in particular to housing loans, but also consumer credits, which, according to the memorandum, have increased rapidly. 

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