Audit plan

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Responsible and informed lending and consumer protection in the case of consumer loans from non-bank creditors

The aim of the audit is to provide an assessment of how the state ensures that the rights of customers of non-bank creditors are protected when using consumer credit products and what the state is doing to raise consumer financial literacy in order to reduce payment difficulties and the associated socioeconomic harm.

The main questions of the audit are how the state is ensuring compliance with the principle of responsible lending and consumer protection in the case of consumer loans from non-bank creditors and how the state is shaping the consumer’s awareness and credit behaviour. The audit analyses how consumer protection and the framework and mechanisms of supervision ensure that non-bank creditors comply with the requirements established for the protection of consumers (responsible lending, annual percentage rate of charge, presentation of information sheets, advertising restrictions) and whether the consumers’ credit awareness is promoted in a coordinated and targeted manner.

To this end, we will look at the regulation concerning the implementation of the principle of responsible lending, the activities of the Consumer Protection and Technical Regulatory Authority and the Financial Supervision and Resolution Authority within the existing legal and management framework, the work of the ministries in shaping the framework, the developments so far as well as plans related to the area and the work carried out based on them.

Area of government Ministry of Economic Affairs and Communications, Ministry of Finance
Institution to be audited
Auditees
Audit Department
Director of Audit Märt Loite
Audit Team Veikko Kapsta, Dmitri Teras, Liina Lubi
Contacts
Audit Number 80107

Remarks

Planned Start 2nd half of 2022 Actual Start 2nd half of 2022
Planned End 1st half of 2023 Actual End
Status Work in progress
Related Audits
Created on 6/30/2022
Last modified on 10/27/2022
Last reviewed on 10/27/2022