Ministers approve draft amendment to Financial Market Supervision Act

Consumers on the financial market should receive better protection, according to the draft amendment to the Financial Market Supervision Act that the Slovak government approved on September 24.

Consumers on the financial market should receive better protection, according to the draft amendment to the Financial Market Supervision Act that the Slovak government approved on September 24.

A new feature of the bill is that after it comes into force, consumers on the financial market will be provided protection by the Slovak central bank, National Bank of Slovakia (NBS). According to the draft amendment, the
central bank should be given greater powers. The draft amendment was proposed to become effective as of January 2015.

In case of violation of consumer rights by financial institutions, the NBS will be able to penalise them, the Finance Ministry informed the SITA newswire. Depending on the severity, the penalties range from small fines to revocation of a license. Inspectors will be able to impose a penalty directly on the spot. The draft amendment also introduces new types of sanctions for financial institutions: for example, a surcharge to their annual contribution. These contributions should be one of the sources of financing the extended scope of activities of the NBS, according to the Finance Ministry. In addition, ministry proposes to finance the new control activities with annual contributions from financial institution which the central banks oversees.

(Source: SITA)
Compiled by Zuzana Vilikovská from press reports
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