The recently adopted law has significantly tightened the requirements for the heads of credit and collection companies, as well as for intermediaries: they are prohibited from engaging in usury. This change, based on the Debt Collection Firms Directive, aims to improve consumer protection and ensure a more secure financial environment. /nginx/o/2024/08/04/16268420t1he3ee.jpg)
Business leaders in the financial sector have a responsibility to ensure that their companies comply with basic rules and requirements when providing loans. If they do not comply with these requirements, the Financial Supervisory Authority may find them unsuitable to work in the financial sector, which may result in a ban on them continuing to operate. Photo: Karl-josef hildenbrand/dpa via AP/Scanpix
The recently adopted law has significantly tightened the requirements for the heads of credit and collection companies, as well as for intermediaries: they are prohibited from engaging in usury. This change, based on the Debt Collection Firms Directive, aims to improve consumer protection and ensure a more secure financial environment.
Translation: Ewa Ojrzynska
Member of the board of the Financial Supervision Authority Siim Tammer wrote in the inspectorate's blog that managers of companies in the financial sector, especially members of the management board and board of directors, must meet increased requirements for professionalism and discretion.
