Caroline CauffmanFrom: Unfair Terms in Banking and Financial Contracts
Edited By: Danny Busch, Matthias Lehmann
This chapter examines the control of unfair terms, which plays an important role in Belgian case law and legal scholarship. Belgian law’s approach revolves around a generally phrased prohibition of unfair terms combined with a black list and a transparency clause. The 1991 Belgian Law on Commercial Practices introduced a set of rules on unfair terms in business-to-consumer (B2C) contracts based on the proposal for the Unfair Terms Directive (UTD). The chapter then clarifies that Belgium’s general rules on unfair terms in business-to-business (B2B) relationships do not apply to financial services. The general provision on unfair terms in the recently introduced Art 5.52 Civil Code however does apply to contracts concluded between banks and businesses. Meanwhile, the Federal Government Service Economics and the Financial Services and Markets Authority (FSMA) hold joint responsibility on the public enforcement of the rules on unfair terms in B2C contracts for financial services.