FIN-FSA Imposes Conditional Fine on Nanocredit LTD for Failure to Report to Positive Credit Register
Summary
The FIN-FSA issued a decision on 11 March 2026 obliging Nanocredit LTD to disclose information on credits it granted to the Positive Credit Register within two months of service. A running conditional fine enforces compliance: base amount 10,000 euro plus supplementary amount 5,000 euro per each full month of non-compliance. The company must also update submitted information within legal time limits under penalty of fine. The FIN-FSA found that non-disclosure undermines confidence in the register, which aims to prevent over-indebtedness by ensuring reliable credit information.
“The Financial Supervisory Authority (FIN-FSA) has, by a decision issued on 11 March 2026, obliged Nanocredit LTD to disclose information on credits granted by it to the Positive Credit Register.”
Credit institutions and other entities required to report to Finland's Positive Credit Register should conduct a compliance review of their submission processes and timeliness. The conditional fine structure (escalating monthly supplements of 5,000 euro) means that prolonged non-compliance generates compounding financial exposure beyond the initial 10,000 euro base. The two-month compliance window and appeal rights are active now.
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GovPing monitors FIN-FSA Press Releases for new banking & finance regulatory changes. Every update since tracking began is archived, classified, and available as free RSS or email alerts — 9 changes logged to date.
What changed
The FIN-FSA issued a decision on 11 March 2026 compelling Nanocredit LTD to submit credit information to the Positive Credit Register within two months of service, with a running conditional fine enforcing compliance at 10,000 euro base plus 5,000 euro per month of non-compliance. The company must also keep registered information current per statutory deadlines. The decision is not yet legally binding pending a 30-day appeal period to Helsinki Administrative Court.
Affected credit grantors operating in Finland should review their Positive Credit Register reporting practices. The conditional fine structure—escalating monthly supplements—creates ongoing financial exposure for non-compliance, and the FIN-FSA's stated concern about undermining register confidence signals heightened enforcement attention to credit information obligations.
What to do next
- Disclose information on credits granted to the Positive Credit Register within two months from service of the decision
- Update information submitted to the register within time limits laid down by law
Penalties
Running conditional fine with base amount of 10,000 euro and supplementary amount of 5,000 euro per each full month during which the obligation is not complied with
Archived snapshot
Apr 27, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
Publications and press releases
Press release 27 April 2026
FIN-FSA obliges Nanocredit LTD to disclose information on credits granted by it to the Positive Credit Register – enforced by running conditional fine
The Financial Supervisory Authority (FIN-FSA) has, by a decision issued on 11 March 2026, obliged Nanocredit LTD to disclose information on credits granted by it to the Positive Credit Register. To enforce the obligations stated in the decision, it has imposed a running conditional fine. The base amount of the conditional fine is 10,000 euro and supplementary amount 5,000 euro per each full month during which the obligation is not complied with. Nanocredit LTD must submit the information to the Positive Credit Register within two months from the date on which the FIN-FSA's decision is served on the company. In addition, the FIN-FSA has obliged, under the penalty of a fine, obliged Nanocredit LTD to update the information submitted to the register within the time limits laid down by law.
The purpose of imposition of the conditional fine is to enforce the obligee to comply with the main obligation. The FIN-FSA has determined the amount of the conditional fine in particular proportionally to the nature and extent of the main obligation as well as to the extent and estimated cost of the measures required to fulfil the obligation.
The FIN-FSA finds that the omission serves to undermine confidence in the Positive Credit Register. One of the main purposes of the register is to prevent over-indebtedness by ensuring the availability of reliable credit information, particularly when assessing creditworthiness in the context of granting credit.
The FIN-FSA’s decision is not yet legally binding. Nanocredit LTD has the right to appeal the decision to the Helsinki Administrative Court within 30 days of the date of service of the decision. Information on the date when Nanocredit LTD has been served with the decision and on the legal validity of the decision is available at the FIN-FSA website.
Appendices
FIN-FSA decision (pdf, in Finnish)
Further information
Timiikka Tommiska, Senior Legal Advisor, Banking Supervision / Conduct Supervision
Requests for interviews are coordinated by FIN-FSA Communications, tel. +358 50 385 5030 (weekdays 9:00–16:00).
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