Locked content KNF imposed PLN 11.17 mln worth of fines last year

In 2014 Polish Financial Supervision Authority (KNF) imposed 59 financial penalties with a total value of PLN 11.17 million. It was the biggest number of fees since KNF was established and 13 more than a year ago. In 2014 KNF reported 65 warnings with majority of them regardingviolation of the law o...

Locked content SKOK Wołomin clients are receiving reimbursement of deposits

The clients of credit union SKOK Wołomin are receiving reimbursements from the Bank Guarantee Fund. The reimbursement of money is taking place in selected locations of PKO BP bank and will last until the 28th of February. Payouts of more than PLN 25,000 require a prior notification of the bank. Clie...

Locked content Abris to sue Poland for forced sale of bank

Abris Capital Partners are in the process of suing Poland for PLN 2 billion. The fund claims that it will incur losses after the Polish Financial Supervision Authority (KNF) forced it to sell lender FM Bank PBP. The regulator order the sale of the bank after deciding that Abris did not meet their ob...

Locked content KNF orders FM Bank sale by April 30

The Polish Financial Supervision Authority (KNF) has ordered PL Holdings to sell its stake in FM Bank PBP no later than April 30, 2015, the watchdog said in an announcement on Tuesday. The decision stems from the fact that PL Holdings and Abris Capital failed to carry out their earlier obligations t...

Locked content KNF unlikely to approve BPH sale

It is highly unlikely that the Polish Financial Supervision Authority (KNF) will approve the sale of Bank BPH by GE to any bank operating in Poland, the watchdog’s vice-president Wojciech Kwaśniak told Reuters in an interview. Soon after the announcement by GE that it could sell the Polish bank, KNF...

Locked content KNF warns of cyber-attacks

The Polish Financial Supervision Authority (KNF) has issued a warning for the financial sector against cyber-attacks. The watchdog said it had received information from the Governmental Computer Security Incident Response Team about possible future attacks of this kind. The KNF has recommended finan...

Locked content KNF wants forex to become safer

The Polish Financial Supervision Authority (KNF) wants to introduce regulations that would make investing on the forex market safer, daily Parkiet reports. The watchdog is suggesting that fx transactions should be secured with a deposit worth 2 percent of their value. The proposal has been sent to t...

Locked content KNF has credit unions under microscope

Cooperative credit unions SKOKs are under scrutiny by the Financial Supervision Authority (KNF). A report by the Authority claimed that SKOKs have foreign subsidiaries used to transfer money abroad. According to Bankier.pl, PLN 83 million supposedly have been transfered to SKOK Holding in Luxembourg...

Locked content UOKiK warns financial firm regarding unfair practices

Consumers were shortchanged by Gdańsk firm OK Money. The company charged exorbitant fees and did not provide contracts in writing to customers. Since UOKiK (the Polish Office of Competition and Consumer Protection) intervened, the company agreed to change its policies. OK Money provides loans via th...

Locked content FX market proves risky

The Polish Financial Supervision Authority (KNF) published a report that examined Polish brokerage offices which offered online foreign exchange investment services. It turns out that 81 percent of forex investors recorded losses. Only, nineteen percent recorded a profit. The same loss – profi...