The Decree on Conduct of Business Supervision of Financial Undertakings was amended on 1 January to tighten the rules on payment of commissions and transparency of remuneration4.
The main changes are:
- The rules on payment of commissions and transparency of remuneration now also apply to providers of protective payment insurance and funeral insurance.
- A prohibition on paying and receiving bonus commissions has been added. An exception applies for certain non-monetary types of commission.
- Offerors of complex products and mortgages must provide information on the price. They must also explain the costs of complex products with a capital accumulation component.
The Decree on Administrative Penalties for Financial Firms has been amended to reflect these changes.