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The EFBS criticises the recommendations of the Internal Market Committee as absurd and probably leading to price increases. The EFBS criticizes that Credit institutions had to provide the consumer pre-contractual information by way of handing over a minimum 10 sheeted standard information form.
“It is not understandable, why the Committee did not stick to the proposal of the Parliament from first reading, namely to insert at the front page of each credit agreement an info-box including briefly and concisely core elements of the agreement” said Andreas Zehnder, Managing Director of the EFBS “Moreover, the info-box would far better serve to the Commission’s, Council’s and EP’s aim of EU wide comparability of credit offers.”
The EFBS also criticized the inclusion of modernisation and renovation loans into the scope of the consumer credit directive.