Norway's Department of Finance has sent for consultation a proposal from the Financial Supervisory Authority of Norway (Finanstilsynet) to amend rules on product bundles and tied selling in the banking market, aimed at improving customer mobility and competition. The consultation paper maps banks’ practices for bundling residential mortgage loans with salary accounts. It proposes amending the product bundle rules in the Financial Institutions Regulations section 16-1 to prohibit making a salary account a condition for receiving better mortgage terms. It also proposes clarifying the tied-selling rules in the Financial Contracts Act section 5-8 so that an account agreement connected to a mortgage agreement may only serve the purpose of administering the mortgage. Comments are due by 28 April 2025.
Department of Finance (Norway) 2025-02-21
Norway's Department of Finance launches consultation on curbing mortgage product bundling and tied selling in the banking market
Norway's Department of Finance is consulting on a proposal from the Financial Supervisory Authority of Norway to amend rules on product bundles and tied selling in the banking market. The proposal aims to enhance customer mobility and competition by prohibiting banks from requiring salary accounts for better mortgage terms and clarifying tied-selling rules.