With BigTech companies and newcomers (FinTechs) entering financial markets, the sale and marketing of financial service products, such as consumer credit, insurance and current accounts, is increasingly moving online and new products constantly appear on the market, promoted through different channels such as social media. At the same time, traditional distance marketing techniques such as cold calling, are still used to lure the most vulnerable consumers, such as the elderly, into purchasing complex or costly financial service products. Consumers need an updated framework that protects them, no matter which financial product they are buying. This requires a strong consumer protection framework for financial services which is fit for the digital age.