Norway to restrict marketing of consumer credit

Morrow Bank ASA

04/04/2017 08:27

OSLO, April 4 (Reuters) - Norway will impose new limitations 
on the marketing of credit cards and other high-interest loans 
to better protect consumers, the government said in a statement 
on Tuesday. 
    ** The new rules will restrict the most aggressive forms of 
marketing but fall short of proposals by some consumer advocates 
to ban the marketing altogether. 
    ** Other measures by the government will include a 
centralised debt register that allows banks to assess an 
individual's overall debts, and will also make it mandatory for 
lenders to better inform borrowers of the size of their debt. 
    ** High-interest consumer debts grew by 15 percent in 2016, 
according to Norway's banking industry regulator, which has 
proposed caps on household borrowing.  urn:newsml:reuters.com:*:nL5N1H52TT 
 
 (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)) 
 
Keywords: NORWAY BANKS/CONSUMERS