On 9 November 2018 the Polish lower house of parliament adopted a bill expanding the line-up of the financial market watchdog KNF – the Polish Financial Supervision Authority.
Under the bill on increasing investors’ protection, the KNF line-up will be expanded to include a representative of the cabinet, as well as non-voting representatives from the consumer protection watchdog – Office of Competition and Consumer Protection (UOKiK), from the Banking Guarantee Fund (BFG) and the nation’s special services coordinator.
Additionally, financing for the KNF will be altered by putting fees from supervised entities directly to the KNF. Also, a legal framework will be provided for the communication between the KNF, its members and other state institutions, such as the internal security agency ABW, the anti-corruption bureau CBA, or the state tax authority KAS.
The bill also establishes the Financial Education Fund, seen as a tool for increasing investors’ financial awareness and knowledge of investment products. The fund will be fueled with administrative fines imposed by KNF and the Financial Ombudsman, with the latter seen as the institution in charge of the fund’s resources.
