(1) Except as provided by paragraphs (2) and (3), the cancellation period for a distance contract for the supply of a financial service begins -

(a) on the day when the contract is entered into, or

(b) on the day on which the consumer is given the contractual terms and conditions and the information in accordance with Regulation 9(1),

whichever is the later.

(2) If a distance contract for the supply of a financial service is entered into by electronic means, the cancellation period for the contract begins -

(a) on the day on which the contract is entered into, or

(b) if the supplier has, on a later day, acknowledged by electronic means receipt of the consumer's order for the supply of the service and the consumer is able to access the acknowledgment of the order, on that later day.

(3) If a distance contract for the supply of a financial service relates to life assurance, the cancellation period for the contract begins -