On Dec. 9, UKRN CB issued resolution on supervision of compliance.
UKRN CB will account for legislation on consumer rights protection during its supervision of financial service providers and payment service providers.
Key Amendments
UKRN CB defined administrative proceedings start day as the day when a certificate is drawn up on results of non-visiting supervision of compliance with consumer rights.
UKRN CB is required to notify supervised entities about the start of administrative proceedings, including details on timing as well as the methods of notification.
Entities can submit petitions per art 28 of law on administrative procedure in which their rights/responsibilities post-initiation of administrative proceedings are outlined.
Effectiveness
These changes to the Regulations on supervision were approved by resolution 143 which enters into force on Jan. 1, 2025.
