Finantsinspektsioon held an open day on 13 April to talk about the more interesting aspects of its work and what happens in the back rooms. The event was attended by some 50 students from different universities.
Finantsinspektsioon has issued a memorandum to draw the attention of creditors to the requirement to observe the upper limit on the Annual Percentage Rate (APR) in contracts that allow the repeated use of credit.
Finantsinspektsioon fined Luminor Bank AS (registry code 11315936) 32,000 euros for a misdemeanour because of a technical fault in the Luminor card platform on 5 November 2022. The fault caused the bank to reserve some client payments twice, meaning money was reserved without instructions from the clients. A total of 7539 such payments were reserved.
The key to Estonian financial security lies in clear and simple standards and strong institutions said Chair of the Finantsinspektsioon Management Board Kilvar Kessler at the FinanceEstonia forum on financial security.
Finantsinspektsioon fined AS SEB Pank (registry code 10004252) 19,000 euros for a misdemeanour, as technical problems during an update to its mobile and internet banking software caused the bank to release confidential banking information to third parties without authorisation.