In an increasingly digitalised world, this article deals with peer-topeer (P2P) lending as a new online source of financing, which differs from e.g. financing in traditional banks. The article elaborates on the following questions: How should P2P lending be put in the context of the existing legislation? Is the existing legislation sufficient to meet the impact that P2P lending may have on modern society? Or is new special legislation necessary? Lenders can be both individuals and companies, but the main focus of this article is on individuals. It includes the European Commission's Proposal for a Regulation on European Crowdfunding Service Providers (ECSP) for Business (COM/2018/0113 final) and parallels are drawn to syndicated loans known from banking. How P2P lending fits into the existing legal framework in regard to banks, payment services, money laundering and terrorist financing, consumer credit, investor protection etc. is still veiled in some uncertainty. The most remarkable example of the legal implications is the case of TrustBuddy AB. On 23 June 2014, the Danish financial supervisory authority (FSA) decided that the P2P platform, TrustBuddy AB, needed to be licensed as a bank. The FSA concluded that TrustBuddy AB was not a credit intermediary and in reality, the lenders were investors. To create a sound business and to promote an EU market for P2P lending, a further clarification and adjustment of the existing legislation may yet be needed; especially since there are still several legal challenges in regard to private individuals being peers.
As in the consumer area in general, the objective of the internal market has been applied as a reason why there is a EU need for action regarding consumer credit. Even though it is more than 25 years ago since the first Consumer Credit Directive harmonized aspects of the legislation in the Member States, cross-border activities are still extremely low. The achievement of the internal market depends on the consumers' and the creditors' overall incentives to cross-border activities, where harmonized aspects of the legislation are only an insignificant motivation. Despite a need for EU action may seem small, there is still a need for EU action, but with a different approach that considers the nature of consumer credit. This means a focus on preventing overindebtedness and ensuring financial stability as well as a high level of consumer protection in a financialized and thereby more complex and globalised world.
Abstract: There is an increasing focus on the giving of credit advice. Under the 2008 Consumer Credit Directive, there is an obligation to give consumers 'adequate explanations'. The 2011 proposal for a Directive on credit agreements relating to residential property not only gives notice of a corresponding obligation but also proposes laying down 'advice standards' for housing loans. Such credit advice can be necessary in an ever more complex financial market, characterized by over-indebtedness, and it can ensure that the recipient of the advice makes the decision that is most advantageous for them. Giving advice can thus protect clients from the consequences of making inappropriate choices, and it can benefit competition so as to help the achievement of an effective and properly functioning internal market. However, advice can have the opposite effect. If the advice is not independent, a client's trust in professional, qualified, and impartial advice can lead them into making inappropriate decisions. In particular in the area of obtaining credit, such decisions can have serious consequences of over-indebtedness. Résumé: Les conseils en crédit suscitent un intérêt croissant. En vertu de la Directive de 2008 sur le Crédit á la Consommation, il existe une obligation de donner aux consommateurs des 'explications adéquates'. La proposition de Directive de 2011 sur les contrats de crédit relatifs aux biens immobiliers á usage d'habitation n'énonce pas seulement des obligations correspondantes, mais propose aussi d'établir des 'conseils types' pour des prêts hypothécaires. Un tel conseil en crédit peut s'avérer nécessaire dans un marché financier de plus en plus complexe, caractérisé par un surendettement, et il peut permettre aux destinataires du conseil de prendre la décision la plus avantageuse pour eux. Fournir ce conseil peut donc protéger les clients des consequences qu'engendreraient des choix inappropriés et il peut être bénéfique pour la concurrence et le cas échéant favoriser l'accomplissement d'un marché intérieur effectif et fonctionnant correctement. Toutefois, le conseil peut avoir un effet inverse. Si le conseil n'est pas indépendant, la confiance du client dans un conseil professionnel, qualifié et impartial peut l'amener á prendre des décisions inappropriées. En particulier dans le domaine de l'obtention d'un crédit, de telles décisions peuvent avoir de sérieuses conséquences sur le surendettement. Zusammenfassung : Die Kreditberatung steht verstärkt im Fokus. Gemäß der Verbraucherkreditrichtlinie von 2008 besteht eine Verpflichtung, Verbrauchern "angemessene Erläuterungen" zu geben. Der Vorschlag von 2011 für eine Richtlinie über Wohnimmobilienkreditverträge beinhaltet nicht nur eine entsprechende Verpflichtung, sondernschlägtdarüberhinausvor,"Beratungsstandards"fürWohnimmobilienkreditezu Grundezu legen. Eine solche Kreditberatungkannineinemimmerkomplizierteren, durch Überschuldung gekennzeichneten Finanzmarkt notwendig sein und stellt sicher, dass der Beratungsnehmer die für ihn beste Entscheidung trifft. Beratung kann somit Kunden vor den Folgen unpassender Entscheidungen bewahren und gleichzeitig die Marktwirtschaft unterstützen, indem dazu beigetragen wird, einen effektiven und ordentlich funktionierenden Binnenmarkt zu schaffen. Allerdings kann Beratung auch den gegenteiligen Effekt bewirken. Ist eine Beratung nänmlich nicht unabhängig, kann das Vertrauen des Kunden in eine professionelle, qualifizierte und unbeeinflusste Beratung dazu führen, dass er unangemessene Entscheidungen trifft. Insbesondere im Bereich der Kreditaufnahme können solche Entscheidungen schwerwiegende Konsequenzen wie Überschuldun
