Financial Supervision Authority meeting: penalties for Compensa and AXA
On 14 July 2020 the Polish Financial Supervisory Authority (KNF) made some decisions about the Polish financial market.
First of all Polish commercial banks enjoyed a six-month extension of the deadline for implementation of the updated Recommendation S on fixed-rate housing loans to end-June 2021. According to the recommendation, banks are supposed to offer fixed-rate or term fixed-rate housing mortgages and allow clients to convert existing variable rate loans into such fixed-rate options. The deadline for cooperative banks holds at end-2022.
During the meeting the institution gave consent to appoint:
- Paweł Giza on a board member of Nationale-Nederlanden PTE SA
- Ireneusz Arczewski on a board member of the both companies of Compensa, he will be responsible for risk management
- Anna Świderska a board member of the both companies of WARTA, she will be responsible for risk management
The Authority decided to impose a financial penalty on Compensa and AXA. Compensa has to pay PLN 80k and AXA PLN 50k. Sanctions was imposed for delays in awards and payment of motor insurance compensation and failure to fulfil reporting obligations.