7 January 2015
The Consumer Ombudsman contributes in many ways to the advancement of the consumers' position in financial matters. In this issue 6/2014 of our newsletter, we particularly tackle consumer protection related to financial services, and provide information on the Consumer Ombudsman's decisions and statements regarding credit, billing and collection.
We also provide information on new types of credit and the additional products which have resulted from the legislation that was introduced to curb payday loans. The Finnish Consumer Ombudsman has drafted certain principal decisions with regard to these. For instance: is a prepaid credit card comparable to a regular credit card, and is a peer-to-peer loan genuinely a loan between two consumers? In addition, we are awaiting a precedent on an important issue of principle, to be delivered by the Finnish Supreme Court next year: are businesses allowed to charge for paper invoices?
Matters related to collection have also kept us busy, especially with regard to the collection of unclear receivables. We have reviewed collection from young people as well as collection reactivated once young people reach maturity, and the justification of the collection of receivables incurred through misleading marketing. This topic is discussed in more detail in the newsletter.
The world is changing, with money moving nowadays in mostly digital form. You can already pay at the store by wiping your mobile phone, even though NFC payments are not yet actively used by large groups of consumers in Finland. Different payment methods are also prominently involved in online shopping. You can read more about this subject in an article in this newsletter that discusses credit as a payment option in online shopping.
The Finnish Consumer Ombudsman publishes an online newsletter approximately 6 times a year. As a follower, you will be kept up to date on Consumer Ombudsman's statements and rulings, pending legislation projects, and international trends in consumer law.