Fundamental Rights, European Private Law, and Financial Services

Although it seems to be undisputed today that the harmonisation of private law in the EU cannot take place without due regard for fundamental rights, many questions still exist as to how and to what extent European private law can and should be influenced by fundamental rights. This chapter aims to explore these issues in the context of financial services and consists of two major parts. The first part discusses legal constructs which may serve as gateways to the impact of EU fundamental rights on European private law in the light of the constitutional limits to such impact. Drawing upon this analysis, the second part of the contribution examines the actual and potential impact of EU fundamental rights on European financial services law, with emphasis on three major issues arising in this field: 1) consumer access to financial services; 2) substantive consumer protection in financial services; and 3) procedural consumer protection in financial services