FIN-FSA obliges Nanocredit LTD to disclose information on credits granted by it to the Positive Credit Register – enforced by running conditional fine

Nanocredit LTD must submit the information to the Positive Credit Register within two months from the date on which the FIN-FSA's decision is served on the company. In addition, the FIN-FSA has obliged, under the penalty of a fine, obliged Nanocredit LTD to update the information submitted to the register within the time limits laid down by law.

The purpose of imposition of the conditional fine is to enforce the obligee to comply with the main obligation. The FIN-FSA has determined the amount of the conditional fine in particular proportionally to the nature and extent of the main obligation as well as to the extent and estimated cost of the measures required to fulfil the obligation.

The FIN-FSA finds that the omission serves to undermine confidence in the Positive Credit Register. One of the main purposes of the register is to prevent over-indebtedness by ensuring the availability of reliable credit information, particularly when assessing creditworthiness in the context of granting credit.

The FIN-FSA’s decision is not yet legally binding. Nanocredit LTD has the right to appeal the decision to the Helsinki Administrative Court within 30 days of the date of service of the decision. Information on the date when Nanocredit LTD has been served with the decision and on the legal validity of the decision is available at the FIN-FSA website.

Appendices

FIN-FSA decision (pdf, in Finnish)

Further information

Timiikka Tommiska, Senior Legal Advisor, Banking Supervision / Conduct Supervision

Requests for interviews are coordinated by FIN-FSA Communications, tel. +358 50 385 5030 (weekdays 9:00–16:00).