14/05/2021
Finantsinspektsioon did not find in its checks any significant shortcomings in the internal rules for notifying consumers of payment and e-money institutions operating in Estonia and authorised by Finantsinspektsioon. The data submitted to Finantsinspektsioon show that the payment and e-money institutions generally inform their clients of the conditions of their payment service contracts and the prices of services as required. There were 12 businesses covered by the Finantsinspektsioon checks.
Before a contract is signed, the payment and e-money institutions have to inform their clients about the payment service contract, one-off payment service contracts and the payment services related to the payment account. Payment and e-money institutions have to have in place internal rules about sending information and the required price lists. It should also be defined for each company who is responsible for informing clients before contracts are signed.
Finantsinspektsioon did not find any significant shortcomings at the payment and e-money institutions providing payment services. There were however some shortcomings at institutions that are only planning to provide such services or that have temporarily halted the provision of those services. They did not for example have clear internal rules on how information would be provided before the contracts were signed or who the person responsible was, or their required price lists were only being compiled.
The checks run by Finantsinspektsioon also covered payment institutions whose business plan did not foresee providing payment services to private individuals, and so who do not have to send information to their clients before signing a contract. The requirement to provide such information equally does not apply to payment institutions that issue payment cards that can only be used in the rooms of the payment card issuer or with a seller of goods or provider of services that has signed a contract with the issuer.