Credit purchasers and credit servicers
Authorisation of a credit servicer
An authorisation application must be made to the FIN-FSA in order to engage in credit servicing activities, as referred to in section 3 of the Act on Credit Purchasers and Credit Servicers, unless the entity is entitled to engage in the activities on other grounds provided for in law.
Key requirements for an authorisation application
In order for the FIN-FSA to assess whether the requirements laid down in section 12 of the Act are met, the authorisation application must include:
- the basic information of the credit servicer applying for authorisation
- a statement on the applicant’s activities
- a statement on the applicant’s senior management and owners
- a statement on the applicant’s governance arrangements
- a statement on the applicant’s procedures for protecting debtors and handling complaints
- A statement on the safekeeping of client funds received by the applicant
The FIN-FSA recommends the use of the application form below to provide this information. The FIN-FSA recommends the use of the Fit & Proper form below to provide information regarding the fitness & propriety and competence of the company’s senior management and owners.
- Application form (word, in Finnish)
- Fit & Proper form (word, in Finnish)
Submitting an application
The notification with its attachments is submitted to the FIN-FSA Registry
- by post to the address Finanssivalvonta, Kirjaamo, PL 103, 00101 Helsinki
- by email to the address kirjaamo(at)finanssivalvonta.fi (secure email instructions).
Processing of an application for authorisation in the FIN-FSA
Within 45 days of receipt of an application for authorisation of a credit servicer, the FIN-FSA shall assess whether the application is accompanied by all the statements and information necessary for its processing. Applications for authorisation are processed within a maximum of 90 days from the date on which the FIN-FSA receives all the information necessary to process the application. If all the information necessary to process the application has not been provided, the applicant will be asked to supplement their application.
An hourly fee according to the FIN-FSA price list, based on the working hours used in processing, is charged for the processing of a case. The prices for the processing measures will be updated in the FIN-FSA’s price list from 1 January 2026, once experience has been gained on the average duration of the application process.
Notification of changes
The Act requires the credit servicer to notify the FIN-FSA without delay if a material change takes place in the information concerning the requirements for authorisation. The above forms can also be used to notify these changes. Material changes are considered to be at least changes in the company’s senior management and owners. Entities must also notify the FIN-FSA of the termination of their activities.
Other notification obligations of a credit servicer
A credit servicer has various notification obligations to the FIN-FSA. More information on notification obligations can be found at Notifications and Asiakasvalitusilmoitukset (in Finnish).
If a registered consumer credit provider has been appointed as a performer of credit servicing activities, the notification obligation regarding the transfer of the creditor’s rights under the serviced non-performing credit agreement or the credit agreement itself applies to the consumer credit provider in question. In addition, the consumer credit provider is obliged to notify the FIN-FSA when it is appointed as a performer of credit servicing activities.
Registers and lists
The FIN-FSA maintains a list, as referred to in section 15 of the Act, of authorised credit servicers and of credit servicers that have the right to provide credit servicing services in Finland pursuant to section 21 of the Act.
Supervision fee
Supervised entities of the FIN-FSA are charged a supervision fee in accordance with the Act on the Supervision Fees of the Financial Supervisory Authority (1209/2023). The annual basic fee is EUR 15,000 for an authorised credit servicer and EUR 5,000 for an EEA credit servicer.
More information on FIN-FSA supervision fees.
Notification obligation of a credit purchaser
A credit purchaser is obliged to notify the FIN-FSA if it transfers a non-performing credit agreement or agreements. If the credit purchaser has appointed a credit servicer, credit institution or consumer credit intermediary to perform credit servicing activities on their behalf, the said notification obligation applies to this performer of credit servicing activities instead of the credit purchaser.
If the credit purchaser’s registered office or headquarters is not located in an EEA state, the credit purchaser must appoint, and notify the FIN-FSA of, a representative whose registered office or headquarters is located in an EEA state. The representative is then responsible for the obligations laid down for the credit purchaser.
More information on notification obligations can be found at Notifications.
Supervision fee
Credit purchasers and credit purchasers’ representatives are other financial market participants pursuant to section 5 of the Act on the Financial Supervisory Authority. The supervision fee for financial market participants is EUR 3,500 per year, unless the credit purchaser or credit purchaser’s representative is already obligated to pay a higher fee based on other supervision.
More information on FIN-FSA supervision fees.
Notifications
Activities of a Finnish credit servicer in another EEA country
A Finnish credit servicer may provide credit servicing services in another EEA country either by establishing a branch or by providing cross-border services. However, if the host country has, in its regulations, prohibited its domestic credit servicers from holding client funds, a Finnish credit servicer, too, is not permitted to receive client funds in that country, even if the right in question is included in the credit servicer’s Finnish authorisation.
Credit servicers must notify the FIN-FSA of the services offered. The notification is made on a form in accordance with the EBA Guidelines:
The same form is used both when providing a service through a branch and when providing a service without a branch across a border.
Within 45 days of receiving the form, the FIN-FSA must forward it to the competent authority of the host country.
The FIN-FSA will inform the credit servicer of the date on which the information was transmitted to the receiving competent authority and the date on which the receiving competent authority acknowledged receipt of the information.
The credit servicer must notify the FIN-FSA of any subsequent changes to the information provided in the form or the termination of the provision of services in another EEA country. Changes and the cancellation of a notification are also reported using the above-mentioned form.
The form with its attachments is submitted to the FIN-FSA Registry either
- by post to the address Finanssivalvonta, Kirjaamo, PL 103, 00101 Helsinki
- by email to the address kirjaamo(at)finanssivalvonta.fi (secure email instructions).
An hourly fee according to the FIN-FSA price list, based on the working hours used in processing, is charged for the processing of a notification.
Activities of an EEA credit servicer in Finland
A credit servicer authorised in another EEA country is entitled to provide credit servicing services in Finland by establishing a branch or directly across a border. An EEA credit servicer must notify the supervisory authority in its home country of its intention to provide services in Finland.
An EEA credit servicer may start to provide services in Finland as soon as the FIN-FSA has notified the competent authority of the credit servicer’s home country that it has received a notification of the commencement of service provision, but no later than two months after the notification has been submitted to FIN-FSA.
The FIN-FSA’s notification list shows the credit servicers authorised in another EEA country that have notified their service provision in Finland.