Andrzej Jakubiak, chairman of the Financial Supervision Commission (KNF) gave an interview to Rzeczpospolita. Most parts of the conversation were devoted to the subject of unit-linked insurance policies – and KNF’s responsibility for their problematic situation.
Jakubiak reminded us that as early as 2011 the Commission had prepared a bill on the revision of the Act on Economic Activity, the provisions of which were aimed at increasing informational duties towards new clients. KNF presented its proposition of a bill to the Ministry of Finance. Moreover, Jakubiak mentioned several activities undertaken by KNF to address the issue of sales of defective investment policies, such as: the issue of Recommendation U, inspections of contractual clauses carried out by UOKiK (The Office of Competition and Consumer Protection) and the latest recommendations on product adequacy and governance.
Jakubiak emphasized that the supervisory institution run by him is authorized to issue recommendations and proposals of legislative changes. The function of consumer protection is the responsibility of the Financial Ombudsman and The Office of Competition and Consumer Protection, and that “KNF is responsible for financial safety”.
“The problem of liquidation fees is of a civil law nature. KNF was not and is not authorised to change these conditions. This can be done via civil proceedings or through mediation or by the UOKiK. I think that it would be good if institutions which had the authority to protect insurance companies’ clients started their criticism with themselves. I just want to remind you that the Supreme Chamber of Control, when inspecting the activities of institutions involved in solving this problem declared that KNF had acted appropriately in accordance with the legal powers it possesses. It was surely a mistake that the problem of the amounts of commissions and fees associated with termination of policies was not regulated.”