Wspólny komunikat Biura Informacji Kredytowej (BIK) oraz Urzędu Komisji Nadzoru Finansowego (UKNF)

The Credit Information Bureau (BIK) and the Polish Financial Supervision Authority (UKNF) have published a joint communiqué in view of the coming into force of several new requirements on financial institutions engaged in consumer lending.
Specifically, the BIK and the UKNF remind financial institutions that – beginning May 18, 2023 – they MUST check the creditworthiness of clients before granting a loan and must report all loan-related information to the BIK which maintains a corresponding data base on consumer information, loan terms, and late payments. Additionally, financial institutions must notify the BIK of any changes or other relevant facts, including late payments. The maintenance of the data base is meant to supervise credit institutions‘ lending and credit rating practices and ensure adequate consumer protection (e.g. from over-indebtness). Severe penalties will apply from May 18, 2023, if these obligations are not met. Additionally, from January 1, 2024, penalties may also be imposed upon members of the Board of Directors for any violations of the new requirements.