Poland: improved supervision and consumer protections in financial services

20/09/2013

Draft assumptions to legislative changes produced by the Ministry of Finance are now being sent for consultation to businesses and other relevant institutions.

The main proposals are to:

  • authorise the Financial Supervision Authority to demand information from entities operating outside the banking sector,
  • limit the scope for charging excessive fees and interest in loan and consumer credit agreements by capping the total cost of credit at 30% of the facility granted,
  • introduce compulsory registration for all lending institutions (including quasi-banks and other entities granting loans from their own funds) on a special register administered by UOKiK, the Office of Competition and Consumer Protection.