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Banks shall include in the cost of consumer loans the insurance and tax payments, mandatory state pension insurance fees, as well as those for services rendered by notaries, state registrars, and appraisers.
The National Bank of Ukraine (NBU) has changed the approached the banks apply in calculating the cost of consumer loans, obliging financial institutions to disclose to their clients full information on the cost of such loans.
So, banks shall include in the cost of consumer loans the existing insurance and tax payments, mandatory state pension insurance fees, as well as the those for services rendered by notaries, state registrars, and appraisers, the NBU said on its website on January 17.
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Earlier, the regulator extended requirements to protect the rights of financial service consumers to credit intermediaries of banks, as well as adopted new requirements that banks should disclose full information about their services on websites and in advertising.
As UNIAN reported earlier, on September 20, the Verkhovna Rada, Ukraine's parliament, passed a draft law on protecting the rights of consumers of financial services. So, the National Bank received powers to protect the rights of such consumers. The law comes into force three months after signing by the president, or from January 2020.