A Message to Financial Market Players in Lithuania: a Level Playing Field in the Supervision and Higher Level of Consumer Protection

Date

2018 06 15

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Today the proposals to the legislative package initiated by the Ministry of Finance and the Bank of Lithuania, which will allow further strengthening of investors’ interests and consumer protection as well as harmonisation of supervision rules for different financial market sectors, come into force.

“Lithuania is open for new financial market players, however we have set the bar high in security, financial stability and consumer protection. We have the goal of the most possible transparent and supportive operating environment for financial service undertakings, promotion of competition and a level playing field not only within the sectors, but also between them”, said Minister of Finance Vilius Šapoka.

The amendments to the laws will strengthen the powers of the Bank of Lithuania to carry out effective supervision of financial markets. All financial market players will be subject to harmonised supervision rules, fine calculation and imposition system for infringements based on uniform principles. Effective and dissuasive sanctions applied by the Bank of Lithuania will enable to ensure the quality of financial services and will boost the image of Lithuania as of transparent jurisdiction, open only for honest market players.

A greater focus is also given to the activities and services of brokerage firms – the requirements set for the the management of conflicts of interest, a more precise procedure set for information  delivery to investors and enhanced customer asset protection.

In order to ensure greater protection of investors and other consumers of financial services, all market players are subject to harmonised binding requirements for immediate and transparent handling of complaints from consumers unsatisfied with the services provided. Independent members will also be involved into the out-of-court settlement of disputes of the consumers of financial services carried out by the Bank of Lithuania in order to ensure impartial handling of complaints.