Finantsinspektsioon worked with businesses in the financial sector to map the rules that unreasonably hinder financial innovation. The aim of this assessment was to identify whether the current legislation contains out-of-date rules that block innovation in unreasonable ways.
Finantsinspektsioon has highlighted in a memo when is necessary to apply to Finantsinspektsioon for an authorisation before granting consumer loans to private people. The authorisation is needed when issuing consumer credit becomes the main economic activity and source of revenue of a business.
The Supervisory Board of Finantsinspektsioon approved the annual report of the financial supervisor for 2020 at its regular meeting on 26 March, and approved the proposal for use of the budget surplus.
There had been 170,155 applications to leave the second pension pillar submitted by the end of March, meaning that 1.3 billion euros of pension savings as at 31.03.2021 will be withdrawn from pension funds in September.