UOKiK to reach agreement with insurers concerning investment policies

The Polish Chamber of Insurers has proposed the Office for Consumer and Competition Protection (UOKiK)  a solution extending last year agreements concerning the so called "polisolokaty" on all holders that would allow them to cheaply withdraw money out of these financial instruments. "I promise, [...] we will save Poles from this slavery", said in April Jarosław Kaczyński, head of the Law and Justice party. The mentioned "slavery" were investment policies bought by approximately 5 million Poles, that turned out to be toxic investment instrument. "Polisolokaty"   were risky instruments extolled by financial advisers, causing many to lose huge amounts of money, and containing unfavorable for consumers contractual provisions. The most controversial were records related to the withdrawal of money, casting to the instrument issuer fees as high as from 50 up to 100 percent of the assets left on the account if capital was to be recalled.