pc
nid 94297
Jul 29, 2026
msolomon@vixio.com
Austria
Federal Gazette
financial services
65% of draft length
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1586 charsAustria Amends Consumer Rights Legislation and Repeals Remote Financial Services Act
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
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1036 charsAustria Publishes Consumer Rights Amendment Act 2026
On July 28, 2026, the Consumer Rights Amendment Act 2026 (Verbraucherrechts-Änderungsgesetz 2026 – VerbRÄG 2026) was published in the Austrian federal gazette. The act implements Directive (EU) 2023/2673 governing distance marketing of consumer financial service and Directive (EU) 2024/825 broadening the scope of unfair commercial practices.
The act modifies five existing laws: the Distance and Off-Premises Contracts Act, the Consumer Protection Act , the Insurance Contract Act, the Payment Services Act 2018, and the Consumer Authority Cooperation Act. It also repeals the Distance Financial Services Act entirely, where provisions governing financial services contracts concluded with a consumer at a distance have been set to date. However Directive (EU) 2023/2673 provides a transparent framework as well as the provision for the inclusion of a mandatory withdraw button for consumers.
The Distance Financial Services Act expires on September 30, 2026, but will continue to apply to contracts concluded beforeOctober 1,2026.