At its 9 June 2025 meeting, the Board of the National Commission for Financial Markets approved and sent to the Ministry of Finance a draft law aimed at making payment-account fees more transparent and comparable, simplifying payment-account switching, and ensuring access to basic payment accounts. The Board also adopted a package of authorisation and supervision decisions spanning investment services, securities issuance, insurance and consumer credit. The draft law would introduce standardised formats for presenting payment-account fees to consumers, streamline switching so consumers can address only the new bank without submitting a separate closure request to the previous bank, and guarantee universal access to a basic payment account with essential services provided free of charge or at reasonable cost, including for financially vulnerable people. In supervision, a thematic review of non-bank credit organisation OCN “MOGO LOANS” SRL found multiple breaches affecting consumer credit contracts signed from 29 May 2022 and still in force on 11 March 2025, including exceeding the 0.04% per-day limit calculated on the total credit amount, setting total credit costs above the disbursed amount, and deficiencies in pre-contractual information and contractual terms. For 1,080 contracts, the CNPF ordered the lender to notify consumers and either collect only the disbursed amount or refund all contractual payments other than the initial disbursed sum, with six months to implement. Following a consumer complaint, “BUSINESS PAY” SRL was found to have breached requirements under Law No. 202/2023 on consumer credit contracts, including the standard pre-contractual information form and rules on floating-rate credits and interest calculation, and the CNPF plans to bring court proceedings to have identified abusive clauses declared null. On the authorisation side, Banca Comerciala ENERGBANK SA’s category C investment firm licence was updated to add the right to provide custody of financial instruments, and the reorganisation of RENET from a joint-stock company into a limited liability company was authorised. The CNPF also removed from the securities issuers register 1,304,549 registered ordinary shares previously issued by “Întreprinderea pentru colectarea cerealelor din REDIUL-MARE” following its reorganisation into a limited liability company, rejected several preliminary complaints as unfounded (including matters involving CA “GENERAL ASIGURARI” SA and OCN ÎCS “Express Leasing & Microcredit” SRL), and hosted discussions on optimising the functioning of RCA motor third-party liability insurance.
National Commission for Financial Markets 2025-06-13
National Commission for Financial Markets forwards payment-account fee transparency bill and orders redress on 1,080 MOGO LOANS contracts
The National Commission for Financial Markets approved a draft law to enhance transparency and comparability of payment-account fees, simplify account switching, and ensure access to basic accounts. A thematic review found breaches by OCN “MOGO LOANS” SRL in consumer credit contracts, leading to corrective orders. Additionally, Banca Comerciala ENERGBANK SA's investment firm licence was updated, and several authorisation and supervision decisions were made.