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ECRC partner newsletter - The Finnish Consumer Agency's Newsletter 5 is dedicated to the theme: Credit & Money

5/2009 Theme: Credit & Money

[From the Editor]

Essential credit on adequate terms

In projects related to changes in essential services, we have repeatedly stated that services required by everyone should be priced fairly. Price determination may not be left to the market when there is sure to be plenty of demand. It is surprising how difficult it has been for some to let go of their belief in the market's ability to set prices at a level that is fair to consumers. Why would companies voluntarily set low prices for products or services that everyone has to buy?

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Financial crisis improves the monitoring of credit around the world

The supervision of the financial industry is being reorganised in several countries and consumer authorities are increasingly participating in the process. There are also legislative projects aimed at improving the position of debtors.

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OECD calls for financial literacy and strong consumer protection

In June the OECD issued recommendations to increase the financial awareness of consumers. Analysing the financial crisis has led to the conclusion that questions of financial literacy and consumer protection have not been given sufficient attention in the supervision and regulation of the financial sector.

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Help sought for debt problems brought about by the recession

In late April, the Ministry of Justice working group pondered legislative measures to ease debt problems. Methods of implementing the government's insolvency guidelines were also sought. The Consumer Agency raised questions of how to improve the position of debt-ridden consumers.

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Quo vadis, quick credit?

Consumer credit applied for via text messages or Internet websites has been offered in Finland for several years now. This new form of credit is still finding its place and the legal and regulatory boundaries for it are currently being sought.

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ID: 44401
Publication date: 22/09/09
   
 

Created: 22/09/09. Last changed: 23/09/09.
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