Ongoing legal services of an international lending institution
We began our cooperation with the client with establishing a limited liability company in accordance with the regulatory requirements for operating as a lending institution and obtaining registration in the register of lending institutions.
Before establishing of a company, we also advised on the determination of the value of the share capital and its source and on the selection of persons suitable to serve on the board of directors.
As a next step, after the company was established and registered as a lending institution, we developed a legal documentation for consumer loan (loan agreement, information form) as well as terms and conditions for the mobile application, which is the exclusive channel for our client as a lending institution to provide loans to its customers. The process of providing legal services included drafting documentation ensuring that the lending process complies with the law (worth noting is the fact that penalty for acting in violation of the law may amount to over 3 million EUR).
Our legal advise included not only regulation on consumer credit but also on data processing and anti-money laundering and anti-terrorist financing. During our cooperation we also support the client in daily compliance matters, related to supervision of to the Financial Supervision Authority’s supervision of the consumer credit market, which is conducted by Financial Supervision Authority from January 2024.
Legal services for the client are provided in English, as the capital group to which the Polish company belongs, comes from an Asian country.
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We advised our client on the implementation of a commitment decision issued by the Polish Office of Competition and Consumer Protection (UOKiK), which addressed certain practices related to informing clients about changes in payment service agreements. Specifically, the decision highlighted issues such as the improper form of notifying customers about fee changes and the lack of appropriate modification clauses in contracts.
We advised our client on preparing its new loyalty scheme for deployment in the Polish market. Loyalty scheme allows users to accrue points for card spend, in-app challenges and the use of selected Revolut services, and to redeem those points for benefits offered within the application.