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Poland: improved supervision and consumer protections in financial services

20/09/2013

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Related topics: Banking and financeSupervisionReportingConsumer creditInsuranceFunds and asset management

Regulation of the financial services market is to be strengthened, to increase protection for consumers and help identify and eliminate unlicensed businesses.

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.