Banks, Financial Services, Latvia

International Internet Magazine. Baltic States news & analytics Sunday, 05.07.2020, 18:54

Purgaile does not rule out FCMC taking over supervision of non-bank lending

BC, Riga, 02.06.2020.Print version
The Financial and Capital Market Commission (FCMC) might take over the supervision of non-bank lenders from the Consumer Rights Protection Center in the future, FCMC chairperson Santa Purgaile said today in an interview to Latvian Radio.

She noted however that the topic is not on the agenda and is not being discussed at the moment. 


"From a global vantage point, all financial institutions, including also bank leasing companies, could probably be consolidated under a single supervisor, but let's not run ahead of time," Purgaile said. 


She also indicated that the FCMC is open for a debate on the issue and ready to expand its functions if necessary. 


As reported, on May 26 the government supported in principle a plan to merge the FCMC with the Bank of Latvia. The merger might be completed in 2022 or 2023. 


The FCMC was established on July 1, 2001. It is an autonomous public institution, which carries out the supervision of Latvian banks, credit unions, insurance companies and insurance brokerage companies, participants of financial instruments market, as well as private pension funds, payment institutions and electronic money institutions






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