Latvia's Ministry of Finance, working with the Bank of Latvia, has prepared a 13-draft-law package that would transfer the registration, licensing and supervision of non-bank consumer lenders and credit intermediaries from the Consumer Rights Protection Centre (PTAC) to the Bank of Latvia. The package would also make the Bank of Latvia responsible for protecting consumer rights and interests in financial services, including oversight of unfair commercial practices and advertising related to financial market participants’ services in Latvia. The changes are anchored in amendments to the Consumer Rights Protection Law and are accompanied by amendments to a wide set of related laws to support consistent application across areas including financial markets, payments and e-money, crowdfunding, private pensions, anti-money laundering and counter-terrorist and proliferation financing, sanctions, advertising, and civil procedure. The ministry points to fragmented oversight, with lenders currently supervised by three institutions (the Bank of Latvia, PTAC and the State Revenue Service), and cites MONEYVAL’s assessment calling for unified supervisory practice and more effective use of resources. The draft laws set a phased transition, with provisions transferring supervisory functions to the Bank of Latvia planned to enter into force on 1 January 2027 and certain delegated-regulation provisions on 1 January 2028; PTAC-issued licences and registrations would remain valid during the transition. Stakeholders in the inter-institutional coordination process will have two weeks after the Easter holidays to submit comments.
Ministry of Finance (Latvia) 2026-04-02
Latvia's Ministry of Finance submits 13-bill package to shift non-bank consumer lender licensing and supervision to Bank of Latvia
Latvia’s Ministry of Finance, with the Bank of Latvia, has prepared a 13-draft-law package to transfer registration, licensing and supervision of non-bank consumer lenders and credit intermediaries, plus financial services consumer protection, from the Consumer Rights Protection Centre to the Bank of Latvia. The reforms, via amendments to the Consumer Rights Protection Law and related financial, AML/CFT, sanctions and advertising legislation, address fragmented oversight flagged by MONEYVAL and establish a unified supervisory framework, with a phased transition from 2027 and PTAC licences remaining valid in the interim.