Latvia's Ministry of Finance published an update on a meeting between Finance Minister Arvils Ašeradens, FinTech company representatives, the Fintech Latvia association and the Bank of Latvia to continue work on transferring the supervision of consumer (non-bank) credit providers to the Bank of Latvia, including how the transition period and implementation process would be organised. The discussion reviewed progress on establishing a single supervisory system following the Cabinet of Ministers’ consideration of an information report and identified practical issues for the sector arising from changing the supervisory authority. Focus areas included the length of the transition period, clarity of processes and predictability in applying the regulatory framework, alongside a commitment to ongoing industry involvement. The ministry also reiterated its work on a unified licensing and supervision system that would consolidate functions currently split between the Bank of Latvia, the Consumer Rights Protection Centre and the State Revenue Service, addressing fragmentation, duplication and overlapping anti-money laundering supervisory responsibilities. Work will continue in cooperation with the Bank of Latvia and industry stakeholders on the detailed handover and transition arrangements, building on the Financial Sector Development Council’s earlier conceptual agreement to move to the Bank of Latvia as a single authority for consumer credit provider supervision and consumer rights protection.

Original source View in tracker