Since 28 June, the Accessibility Directive (Directive (EU) 2019/882) has been in force. The directive not only requires companies to comply with accessibility requirements but also obliges them to notify the supervisory authority immediately if they deviate from these requirements or invoke an exemption. Research has shown that seven out of ten digital products and services fall short in terms of accessibility. This means that a large part of the market is currently non-compliant.
For financial institutions, such notifications must be submitted promptly via the EAA page of the AFM Portal. This article explains when and how to report, and what your organisation can do.
Recap: which services must be accessible?
The AFM (Dutch Authority for the Financial Markets) has been designated as the competent authority for supervising banking services and financial e-commerce services. Providing ‘banking services’ to consumers relates to offering:
- credit agreements
- investment services/activities and ancillary services
- payment services
- services related to payment accounts
- electronic money
Providing ‘financial e-commerce services’ to consumers essentially refers to offering financial services online, at the individual request of a consumer, with the intention of concluding a contract.
Financial service providers fall within the scope of the Accessibility Directive when they offer their services to consumers through digital channels. Financial services that may qualify as e-commerce services include:
- crypto platforms for electronic money
- online insurance providers
- crowdfunding platforms
- online advisory and intermediary services in financial products
- providers of investment products
The AFM has explicitly stated that fund managers must comply with the prescribed accessibility requirements – either as banking service providers, or in any case as e-commerce service providers. The specific accessibility requirements depend on the way investment funds are distributed.
When must a notification be made?
Non-conformity
If a financial service does not currently comply with the accessibility requirements (non-conformity), the company must immediately take measures to bring the service into line with the applicable requirements. At the same time, the AFM must be informed of the shortcoming.
The AFM distinguishes four levels of impact on the consumer caused by non-conformity of a financial service and/or product:
- Critical: a critical accessibility issue makes it impossible for a consumer with a disability to use the service. Such errors cannot be bypassed. The only option is to shut down the website completely.
- Serious: a serious accessibility issue makes it partially impossible for a consumer with a disability to use the service. These are major accessibility errors that can only be overcome with great difficulty.
- Moderate: a moderate accessibility issue makes the service difficult to use for the consumer, but not (partially) impossible.
- Minor: a minor accessibility issue can be easily bypassed, allowing the consumer to use the service.
A company must also notify the AFM – with justification – if it invokes an exemption on the grounds of disproportionate burden or fundamental alteration.
Within what timeframe must a notification be made?
As soon as a product or service does not meet accessibility requirements, the financial institution must take corrective measures immediately. If the issue cannot be (timely) resolved, the following deadlines apply for reporting to the AFM:
- Accessibility issues with critical and serious impact must be reported no later than one week after identification, unless corrected beforehand.
- Accessibility issues with moderate and minor impact must be reported no later than one month after identification, unless corrected beforehand.
- Invoking an exemption must be reported within one week of completing the assessment showing that the exemption applies.
How should notification be made and what information must be provided?
In the AFM’s reporting form, the company must indicate whether the notification concerns non-conformity, disproportionate burden, or fundamental alteration. It must also specify which part of the service the notification concerns, such as particular services or financial products, specific process steps, or the trade name used.
In cases of non-conformity or disproportionate burden, the company must explain how the service deviates from the accessibility requirements and what the impact on consumers is. For non-conformity, it must also indicate what corrective measures are being taken, within what timeframe the issue will be resolved, and whether accessible alternatives are available.
Companies may combine multiple cases of non-conformity into a single notification and group them by impact level. A notification of non-conformity or an exemption request may trigger an investigation by the AFM. In principle, the AFM will not contact the company after submission unless it has further questions.
Comment Projective Group peut-il vous aider ?
Projective Group supports financial institutions in complying with accessibility requirements. Whether it concerns drafting an accessibility statement, reviewing and rewriting terms and procedures, assessing the impact of non-conformity, or substantiating an exemption request – our experts are ready to help. We also provide practical and legal support in preparing a remediation plan.
Interested in what this might mean for your organisation, or in receiving a quick scan of your digital services? Let’s schedule a no-obligation conversation.
