REQUIREMENT FOR BANK LICENSE FOR CONSUMER CREDIT INSTITUTIONS TO BE DECIDED ON MAY 21 – SWEFINTECH COMMENTS IN DAGENS INDUSTRI

SweFinTech’s Secretary General Roslana Cederhage comments in Dagens Industri on the government’s legislative proposal on "enhanced consumer protection in the credit market" – under which consumer credit institutions will need to apply for a banking license in order to continue their operations.

"The government is now forcing companies to become banks even though their operations do not involve areas such as deposit-taking or mortgages. The cost of applying for a banking license alone is significant, and on top of that come capital requirements and expenses for specialized personnel to manage both the application and the increased regulatory demands," says Roslana in Dagens Industri.

The decision will be made soon – on May 21, the proposal will be debated and decided in Parliament.

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