TITLE: Austria Amends Consumer Rights Legislation and Repeals Remote Financial Services Act
BODY:
On July 28, 2026, Austria's Federal Gazette published the Consumer Rights Amendment Act 2026 (Verbraucherrechts-Änderungsgesetz 2026 – VerbRÄG 2026), a comprehensive legislative reform amending multiple consumer protection and financial services statutes.
The act modifies five existing laws: the Distance and Off-Premises Contracts Act (Fern- und Auswärtsgeschäfte-Gesetz), the Consumer Protection Act (Konsumentenschutzgesetz), the Insurance Contract Act (Versicherungsvertragsgesetz), the Payment Services Act 2018 (Zahlungsdienstegesetz 2018), and the Consumer Authority Cooperation Act (Verbraucherbehördenkooperationsgesetz). Additionally, the legislation repeals the Remote Financial Services Act (Fern-Finanzdienstleistungs-Gesetz) entirely.
The reform implements European Union Directives 2023/2673 and 2024/0825, aligning Austrian consumer protection frameworks with updated EU requirements. The amendments address consumer rights across distance contracting, insurance, payment services, and financial services provision, consolidating regulatory oversight under the amended statutes while eliminating the standalone remote financial services regime.
The Austrian National Parliament (Nationalrat) passed the legislation on July 7, 2026, following committee review. The Federal Council (Bundesrat) approved the measure on July 15, 2026. The act entered into force upon publication in the Federal Gazette on July 28, 2026.
REFERENCES:
Austrian Federal Gazette (Bundesgesetzblatt) I Nr. 59/2026, published July 28, 2026
https://www.ris.bka.gv.at/eli/bgbl/I/2026/59/20260728