Credit purchasers and credit servicers to come under the supervision of the Financial Supervisory Authority

The Parliament has 2 April 2025 adopted the Act on Credit Purchasers and Credit Servicers (HE 208/2024 vp, in Finnish). The Act concerns the purchase and servicing of credit institutions’ non-performing credits. The Act will enter into force on a date to be determined separately in connection with the ratification of the Act, presumably in the immediate future, and it includes a transitional provision applicable to debt collectors.

The Act implements Directive (EU )2021/2167 on credit servicers and credit purchasers (so-called NPL Directive). More information on the preparation of the legislation can be found on the website of the Ministry of Finance: Implementation of the NPL Directive - Ministry of Finance (in Finnish).

Under the new Act, the Financial Supervisory Authority (FIN-FSA) will in the future supervise the conduct of credit purchasers and credit servicers. Regarding consumers, the Consumer Protection Act (38/1978) also applies to purchased credits and credits serviced on behalf of the purchaser.

An entity must apply for a credit servicer’s authorisation from the FIN-FSA to engage in credit servicing activities, unless it has the right to engage in credit servicing activities through other authorisation or registration. In addition, credit purchasers and credit servicers will in the future have various notification obligations to the FIN-FSA. The Act also introduces new notification obligations for credit institutions.

Information on the obligations for credit purchasers and credit servicers and on applying for a credit servicer’s authorisation has been published on the FIN-FSA’s website.

In addition, the new notification obligations have been added to the Notifications section of the FIN-FSA’s website.

Contact information

LOLH(at)finanssivalvonta.fi