The Ministry of Economy and Finance is speeding up procedures so that the bill for debt servicers will be ready by the end of autumn.
The bill will harmonize Greek legislation with Community Directive 2167/2021 on credit management, while Economy and Finance Minister Kostis Hatzidakis has already made the relevant announcements. The new framework will attempt to reorganize the relations between borrowers and credit management companies. At the same time, it will complement the existing framework and lead to a re-evaluation of credit companies, since this market has created a new system.
Therefore, based on these new regulations, the Ministry of Finance will be able to recommend to the Bank of Greece the imposition of sanctions on the management companies.
It is pointed out that based on the existing legislation, debt servicers are obliged to comply with the Code of Ethics that also applies to banks.
Rules of Conduct
The directive and thus the new regulatory framework will set the rules on how credit service providers interact with borrowers. It requires to:
– Act in good faith, fairly and professionally.
– Provide information which is not misleading, unclear or false.
– Respect and protect their personal information and privacy.
– Communicate in a manner that does not constitute harassment, coercion or undue influence.
