Norway's FSA proposes stricter rules on consumer lending

Morrow Bank ASA

31/08/2018 09:27

OSLO, Aug 31 (Reuters) - Norway's banking regulator proposed
mandatory rules for consumer loans and credit cards on Friday,
which would replace the looser guidelines currently in place.
    The long-awaited regulation is intended to better protect
banks from future losses, while at the same time preventing
individuals from borrowing unsustainable amounts, the FSA said.
    "The guidelines which the FSA made last year have not
sufficiently been followed by banks and other financial
corporations. The FSA thus proposes to make the guidelines
mandatory," it added.
    A final decision will be made by Norway's finance ministry.

 (Reporting by Terje Solsvik, editing by Ole Petter Skonnord)
 ((terje.solsvik@thomsonreuters.com; +47 918 666 70; Reuters
Messaging: terje.solsvik.thomsonreuters.com@reuters.net))