{"id":195168,"date":"2016-03-22T09:12:22","date_gmt":"2016-03-22T07:12:22","guid":{"rendered":"https:\/\/www.bondora.com\/blog\/?p=2785"},"modified":"2016-03-22T09:12:22","modified_gmt":"2016-03-22T07:12:22","slug":"bondora-is-now-regulated-by-the-estonian-financial-supervision-authority","status":"publish","type":"post","link":"https:\/\/goandgrow.eu\/en\/blog\/bondora-is-now-regulated-by-the-estonian-financial-supervision-authority\/","title":{"rendered":"Bondora is now regulated by the Estonian Financial Supervision Authority"},"content":{"rendered":"

Estonian Financial Supervision Authority (FSA)<\/a>\u00a0has granted Bondora a credit provider licence. The FSA is the main regulating body in Estonia which governs and\u00a0oversees all banks, credit providers, credit intermediaries, insurance companies, insurance intermediaries, fund managers, investment and pension funds, investment firms, E-money institutions and payment service providers.<\/p>\n

The application process has been very thorough and we have been working extremely hard for nearly a year to fully comply with all of the stringent requirements set out. We are delighted to announce that as of yesterday (21st March 2016) we are regulated by the Estonian Financial Supervision Authority.<\/p>\n

\"Bondora<\/p>\n

What impact will the credit provider licence have?<\/strong>
\nThe supervision authority helps to ensure that financial institutions are able to meet their obligations towards their customers and that the companies provide service that is of highest of standards. The regulatory framework for credit providers is in place in order to protect all our customers.<\/p>\n

What do the regulatory changes mean for Bondora?<\/strong>
\nThe Estonian Financial Supervision Authority has gone through all our processes and documentation ensuring that Bondora as a company is financially stable, its management and staff have the necessary experience and skills to operate the business, all data protection requirements are met, necessary risk management routines are in place and that our processes are in accordance with the applicable rules (such as customer identification and underwriting). The regulations also require Bondora to have independent financial and internal auditors.\u00a0All this will give customers more confidence that Bondora will still be around for years to come.<\/p>\n

What do the regulatory changes mean for Bondora\u2019s customers?<\/strong>
\nThis is a positive development for our investors and borrowers. In active dialogue with the FSA we have developed a greatly improved operating structure that will align the interest of borrowers, investors and Bondora in a way that is unmatched in Europe.<\/p>\n

Bondora has skin in the game now. What does it mean exactly?<\/span><\/p>\n