Clifford Chance

Penalties for managers for infringement of consumer rights - new powers of the President of the OCCP

18 December 2018

The Act Amending Certain Acts in Connection with the Strengthening of Oversight over the Financial Market and Protection of Investors on the Financial Market of 9 November 2018 extends the powers of the President of the OCCP considerably with regard to protection of the interests of consumers, and not only with regard to financial market services.

Under the Act, a manager may be fined up to PLN 2 million, and a manager of a financial sector undertaking – as much as PLN 5 million. The penalties are administered in the same administrative decision in which the President of the OCCP fines the undertaking.

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