the Draft was presented by Deputy Prime Minister and Minister of development and Finance Mateusz Morawiecki. The document regulates the Russian legislation to the EU directives, which, by the way, we have implemented more than half a year ago (European Commission recently even officially, hastened to Poland, threatening with a submission of the case to the Court of justice of the EU in Luxembourg).
Without clicking on the tab for durability
the bill introduces several important changes, including the ban is based on the possibility of granting a loan by the Bank (or the JUMP) with a familiarization of the client with another financial product. the Only thing the Bank can force us, you will create a free account before processing a loan and the availability of insurance relating to the mortgage contract.
Yes, the Bank can offer more favorable credit terms (low interest rates, no fees for the provision of credit) in exchange for the simultaneous use of suggestions such as credit cards or investment plan, but there will have to provide standard housing loans without such additives.
the Law also confirms ban on providing foreign currency loans people who don’t get in this currency the majority of revenues. However, for more than 2 years, based on the Recommendations of the Commission of Financial Supervision, such restriction is valid, and loans in foreign currency now constitute a marginal part of lending banks (who rarely has them all on sale).
the Document also allows banks to receive Commission (3 percent). for partial or full repayment of the loan before the term only during the first 3 years from the date of conclusion of the credit agreement.
the Law also requires banks or intermediaries credit rating placing all the key information about the loan (Commission, interest, early repayment terms, etc.) on the letterhead sheet. Document should have a single pattern, so that the client even before the signing of the contract in a simple way to compare offers of several banks. A similar solution for several years has in the case of cash loans, and mortgage loans totaling 255 550 RUB (such are subject, in respect of the requirements relating to the form information, under the law on consumer credit).
Law przetrzebi industry?
These rules are absolutely not questionable. Quite different, however, with the rules which the law imposed on loan brokers. Namely, about single paragraph in article 16.
prevent loading through intermediaries remuneration from banks, it is a complete revolution. Today that is exactly what the market works – banks pay consultants for “matchmaking” them with customers.
settings will eliminate situations in which realtors podsuwali customers under the nose of those banks from which they receive the greatest Commission. on the other hand, these “decent” advisors actually know the reality of the offers from different banks and you will be able to choose for the client the cheapest, as well as to help further in the design with the Bank.
Environment intermediaries sees in the law a serious threat. The consultants explain that they are now forced to charge a fee for mediation from customers and they would not him to have to come so often (today brokers banks put half of the mortgage loans).
“the Introduction of paid services will not only lead to the disappearance of services in which the customer is free to himself in able to compare several offers. To transfer this cost on to the consumer, also causes numerous pathologies associated with extortion monstrously high commissions" – says in its statement, the Union of Financial Advisory services, which include, in particular, Open Finance, Expander Advisors, Gold Finance if Notus Financial Advisors.
ZFDF assures that the rules can lead to the downfall of some companies. – Many customers are not willing to bear the additional costs that will lead to a reducing branches intermediaries. This is a real decline in budget revenues as a result, the company paid taxes – says Jaros, Chairman of ZFDF. Also notes that the law in this way they will lose the smaller banks that do not have a network of affiliates and clients “bring” them into the main mediators.
is it really? It’s hard to shake the feeling that the Relationship is a little dramatic. you Can imagine a situation in which the market will test the suitability of specific intermediaries, and customers will be able to shell out the extra money for truly objective advice or credit assistance in the preparation of documents.
the bill also requires that the brokers loan, they must have the appropriate permission from the Commission for Financial Supervision individuals will have to pass the exam. The decision is also on intermediaries the obligation to conclude an MTPL insurance contract for damage caused in connection with your activity.
the bill will now go to the Sejm.
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