Regulatory Alerts2019-10-10
Order on Good Conduct for Consumer Credit Business
The Danish Financial Supervisory Authority and the Ministry of Industry, Business and Financial Affairs issued this Order to implement EU Directive 2005/29/EC regarding unfair commercial practices in the consumer credit sector. It mandates that credit providers act honestly and loyally, prohibiting misleading omissions, aggressive tactics, and deceptive marketing while requiring clear disclosure of key loan terms and costs. The regulation establishes specific prohibitions for always-deemed-unfair practices and grants the supervisory authority powers to issue corrective orders and impose fines for violations.
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