Consumer Protection Report 2021

Paying by invoice or with other credit-based offers is becoming an integral part of shopping online. Young adults are unique with their small margins and large number of payment reminders and collection notices. Unaffordable loans are a prioritised consumer risk in this year’s report.

Shopping online is fast and easy. Paying by invoice or with other credit-based offers is becoming an integral part of the process. Debt can accumulate in a short period of time. Young adults are unique with their small margins and large number of payment reminders and collection notices. There is a risk that they will put themselves in a difficult financial situation at an early stage in life, and this will then follow them for years to come. Unaffordable loans are a prioritised consumer risk in this year's report.

FI is proposing that the government appoint an inquiry to make it possible for a credit provider to have access to a comprehensive overview of a consumer's existing debt. The inquiry should also consider if some debts under collection should be included in the information the credit provider could access. This will improve the credit assessments.

Many consumers think it is difficult to make a well-informed decision when investing their money or pension savings. Investment firms and insurance distributors must ensure that their products reach the right target group. FI sees a substantial risk that consumers will be offered complex financial savings products that are not suitable. Deficiencies in the duty of care on the investment and insurance markets are the second consumer risk that is highlighted in the report.

FI's consumer protection report will be submitted to the government today.

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