Registering creditors and peer-to-peer loan brokers
- Permit or other obligation
- Nationwide except the Åland Islands
- Public service
If an operator intends to provide consumer credits or broker peer-to-peer loans, it shall register in the creditor and peer-to-peer loan broker register maintained by the Regional State Administrative Agency for Southern Finland.
If the notifier intends to receive client funds, it shall deliver a description on the storage and reliable handling of client funds to the Regional State Administrative Agency (AVI). When the AVI establishes the operator’s eligibility for receiving client funds it takes account of the notifier’s financial status and the fact whether the notifier has met its obligations related to taxes, statutory pension, accident or disability contributions or fees collected by Customs.
Do the following
You can submit the register notification to AVI by filling the notification form or in a free format.
The notification shall include the following information:
- A private entrepreneur’s full name and personal identity code or, if the person does not have a personal identity code, their date of birth, business name, auxiliary business name (if any), business ID or another corresponding identifier and the street addresses of the offices where the credit provision or peer-to-peer loan brokering takes place.
- A legal person’s business name, auxiliary business name (if any), business ID or another corresponding identifier and the street addresses of the offices where the credit provision or peer-to-peer loan brokering takes place.
- Whether the party making the notification is applying for registration as a creditor or peer-to-peer loan broker and, if they are registering as a creditor, whether they also plan to grant housing-related consumer credits subject to Chapter 7 a of the Consumer Protection Act, or to act as a peer-to-peer loan broker.
- A description of the company’s responsible persons whose trustworthiness is assessed if the notifier is a legal person. The trustworthiness requirement concerns the managing director and their deputy, members and deputy members of the board of directors, members and deputy members of the administrative board or a corresponding management body, general partners, other members of the senior management and persons who, either directly or indirectly, hold at least one tenth of the limited liability company’s shares or votes, or corresponding ownership or control if the notifier is another corporation than a limited liability company.
- A description of the education and work experience of the notifier, or if the notifier is a legal person, of the members of its senior management.
- Whether the notifier plans to receive client funds and an account of how it plans to store and handle the client funds.
The notifier must, on request by the AVI, provide all other information that is needed for the evaluation of the fact whether the conditions of registration have been met. Requests for clarification most typically concern foreign business prohobiition and criminal record extracts, the knowledge of the credit business and the reception of client funds.
Send the notification and its annexes either by mail or email to the registry of AVI Southern Finland.
You can claim for a revised decision from the AVI.
To whom and on what terms
Your company can be registered if the following requirements are met:
- The notifier has the right to engage in a trade in Finland.
- The notifier has not been declared bankrupt, and if they are a natural person, they are an adult whose legal competence has not been restricted.
- The notifier is trustworthy. The notifier shall not be deemed trustworthy if one of the persons in charge has been sentenced to prison in the past five years or to a fine in the past three years for an offence that can be deemed to indicate clear unfitness to provide consumer credits or broker peer-to-peer loans, to own a corporation engaging in such activities or to act as a person in charge of such corporation. The same applies if the past actions of such person otherwise indicate clear unfitness to perform the aforementioned duties.
- The notifier possesses such knowledge of the credit business or peer-to-peer loan brokering as is deemed necessary in view of the nature and scope of its credit business. Knowledge of the credit business means knowledge of the legislative areas related to the provision of consumer credits and the technical knowledge, skills and other similar capabilities required for performing credit activities. The requirement concerning the knowledge of the credit activities concerns the notifier’s senior management or the persons actually in charge of the credit activities.
The AVI obtains the information about requirements 1 and 2.
In order to verify requirement 3, the AVI will order penalty, criminal and business prohibition records from the Legal Register Centre. In order to verify requirement 3, the AVI will order penalty, criminal and business prohibition records from the Legal Register Centre. In addition, in the above-mentioned situations, the actors receiving customer funds must also submit an extract from the enforcement register, an extract from the register of debt adjustments, an extract from credit information and a tax assessment decision.
The knowledge of credit business mentioned in requirement 4 is indicated by a diploma, another education-related report or certificates of employment that indicate experience in the field of credit provision.
A fee is charged for the service.
The fees are determined by the Government Decree on the Regional State Administrative Agencies’ Fees in 2019 and 2020.
The register notification shall be submitted prior to starting the activities (credit provision or peer-to-peer loan brokering).
The aim is to settle a matter relating to the registration within two weeks from filing the matter. Additional information requests due to an incomplete notification may prolong the processing time.
Period of validity
Until further notice.
Act on the Registration of Certain Credit Providers and Credit Intermediaries
Consumer Protection Act