Pawnshops, insurance and credit companies came under the control of the NBU

On July 1, the “split” system was introduced, which provides for the adoption of new powers of the NBU to regulate the non-banking sector. In his speech, NBU Chairman Yakiv Smoliy noted that financial stability is due to a transparent and efficient market. The Central Bank expects non-bank financial institutions to be customer-oriented and transparent. First of all, in the new role, the regulator’s attention will be paid to the implementation of an integrated model of regulation and supervision of fin. markets and further reform in line with international experience.

The main advantages of the new system are the introduction of greater transparency in the market, the establishment of adequate rules of the game for all. The NBU emphasizes that each sector will be studied in detail and only after that programs for reform and development will be introduced. Also, the regulation will differ depending on whether the fin. institution funds clients.
Currently, 6 bills are being developed for the successful implementation of the NBU’s “split” project, including a law on credit unions and financial services. All bills and regulations will be developed together with market participants and industry experts.

This system is being introduced as part of regulatory reform and business simplification. Thus, the head of the consumer protection department Olga Lobaychuk stressed the need to restore consumer confidence in non-banking finances. institutions.