The bill, which is to be settled between departments, is to include among others the maximum limit of annual percantage rate (APR). The Ministry of Finance wants to make this rate more precise, as well as extend supervisory possibilities of the Polish Financial Supervision Authority and introduce changes in the powers of Office of Competition and Consumer Protection. On the other hand, loan sector announced that it will aim at self-control. Moneylenders Association is to serve this purpose.
Most probably this week we will send the bill to interministerial consulations, which will use the recommendations of Financial Stability Committee from the report after Amber Gold scandal – says Wojciech Kowalczyk, Deputy-Minister of Finance.
In March 2013 the Financial Stability Committee has published a report concerning Amber Gold scandal, which included the recommendations pertaining to further legal actions in the context of this situation. Propositions assume i.a. introducing APR maximum limit, which would prevent moneylenders from collecting too high fees and additional (often hidden) charges.
We want to make the value of the so-called real annual percentage rate more precise. What is more, we would like to extend supervisory possibilities of the Polish Financial Supervision Authority. These changes would also apply to the powers of the Office of Competition and Consumer Protection – explains the Deputy-Minister.
According to OCCP moneylenders should be supervised by the Polish Financial Supervision Authority; whereas the Financial Stability Committee postulates among others such mechanisms as imposing pecuniary penulties on companies' board members, if there are proceedings started against them concerning violating collective consumer interests. In addition, recommendations refer to introduction of maximum value of interest for delay in loan or credit repayment.
According to the Ministry, the presented rules may come into force soon. We would like the bill to go to Sejm as soon as possible after the consultations process – Wojciech Kowalczyk informs.
Moneylenders, in order to extend their self-control, have created the Association, which is an initiative of six firms representing half of the online loan market, as well as Credit Information Bureau and BIG InfoMonitor. The Association aims at creating general rules of customer protection and evaluation of their credibility.