Financial services

The Credit Information Bureau (KIB) has launched a free tool letting anyone limit or block new loans from being taken out in their name, as a safeguard against fraud and impulsive borrowing. The tool comes amid a rise in funds obtained fraudulently through loans.

The Consumer Rights Protection Centre found unfair commercial practice in the terms of the online shop 220.lv, which tied the cheapest delivery option to collecting goods in a Riga store and therefore did not refund delivery costs to consumers who withdrew after, for example, parcel-locker delivery. The Centre stresses that collection at a point of sale is not delivery and the seller must refund standard delivery costs, though not extra cost of a pricier option the consumer chose. SIA Pigu Latvia must stop the practice at once and delete the term; other online shops are urged to review their rules.

On 23 October, the European Banking Authority announced that Kristīne Černaja-Mežmale, representing Latvijas Banka, was elected as its new Vice-Chair for a two-and-a-half-year term starting 1 November. She represents Latvia on the EBA Board of Supervisors and, since 2025, also at the EU's Anti-Money Laundering Authority (AMLA).

The Consumer Rights Protection Centre (PTAC) has ordered online store 220.lv to stop a practice that denied some customers a refund of delivery costs when returning goods bought online. The ruling is based on consumer-protection rules on the right of withdrawal in distance contracts.

The Consumer Rights Protection Centre has found unfair commercial practice at online store 220.lv regarding delivery-cost refunds. The store's terms listed free in-store pickup in Riga as its cheapest delivery option, so customers who chose a cheaper delivery method, such as a parcel locker, were not refunded their delivery costs in full. The finding is relevant for e-commerce businesses setting refund policies for delivery costs on returns.

The article examines how an exception in force since spring to the gambling-advertising ban allows sponsorship notices. It cites an online casino that placed a small sponsorship notice for an athlete at a Riga mall ahead of a Jūrmala cycling marathon, a case where the consumer protection authority found no violation. The author notes the practice carries both benefits and risks, since general advertising-law rules on fairness, truthfulness and misleading ads still apply.

On 22 October the European Parliament overwhelmingly approved updated rules protecting passengers travelling by air, rail, bus and ferry. The new rules provide for a full ticket refund, including intermediary fees, within 14 days of a cancellation, standardised claim forms, and the power for authorities to investigate suspected breaches on their own initiative.

A new regime for deferred-payment providers (e.g. 'buy now, pay later' sellers) takes effect on 20 November 2026, transposing the EU's second Consumer Credit Directive into the Consumer Rights Protection Law. From that date, large companies (over 250 employees, turnover above EUR 50 million) must register in the Bank of Latvia's register, paying a EUR 1,500 review fee, and must assess consumer creditworthiness unless a short-term exemption (50 or 14 days) applies. The Bank of Latvia also takes over supervision of these providers from that date.

Latvijas Banka Regulation No. 427 (issued 19 October, published 21 October) sets requirements for deferred-payment providers, the procedure for entering them in and removing them from the register, the data the register holds and the information they must file for supervision. The rules take effect on 20 November 2026, with certain provisions from 10 July 2027.

On 21 October, the Saeima's Economics Committee approved in its third, final reading amendments to the Consumer Rights Protection Law that introduce new requirements for repairing goods and make it easier to find and compare repair services. The goal is to encourage consumers to repair damaged goods rather than replace them, supporting the circular economy.

Amendments to the Consumer Rights Protection Law before the Saeima transpose an EU directive and expand consumers' ability to choose repair over replacement. For certain product categories, manufacturers would have to offer repair, and sellers would bear extended liability for non-conformity after a repair. The change aims to cut waste and strengthen consumer protection.

The Economy Ministry has drafted rules introducing a standard repair-information form for businesses offering goods-repair services, stating the repair price, turnaround time and other terms. Using the form is voluntary, but companies that opt to offer it must follow the set information requirements. The goal is to make it easier for consumers to compare repair offers.

The article warns that private parking lots are multiplying in Riga's residential districts, along with the risk of a fine for breaching rules often printed in hard-to-notice small text. Drivers are advised to read all posted conditions carefully before using a lot to avoid disputes over whether a fine is lawful.

The article warns that SMS loans, though quick and simple, are usually checked against credit history and can affect it — a missed payment can stay on record for years, making a future loan such as a mortgage harder or costlier to get. It advises borrowing only what can safely be repaid, comparing offers, and understanding fees and late-payment interest before signing. It also recommends contacting the lender early if repayment becomes difficult.

The Credit Information Bureau (KIB) analysed turnover reported in annual accounts against credit ratings. Among firms with turnover up to EUR 250k, 32.7 % sit in one of the three best rating categories versus 50.4 % in the EUR 10-20m band, while the share of elevated or high-risk firms falls from 16 % to 5.4 % above EUR 20m. KIB cautions that large turnover does not guarantee financial stability, so counterparties should be judged by credit rating as well.

The Saeima backed in second reading the bill "Law on Liability for Defects in Goods and Services", which implements EU Directive 2024/2853 and ensures that an EU-registered company can always be held liable for a defective product, even when the manufacturer is outside the EU, with compensation for harm to health, property and data (BilancePLZ, paywalled, only the lead is visible).

Sweden's SEB group has agreed to pay US authorities $33 million (about €29 million) over shortcomings in its anti-money-laundering controls in the Baltic states. The case is another reminder of the long-standing pressure on the Baltic banking sector to strengthen AML oversight of cross-border transactions.

Draft amendments to the consumer rights protection law, open for public consultation until 26 October, would scrap the current 5% own-contribution requirement for state-guaranteed mortgages, allowing some buyers to purchase a home with no down payment.

On 15 October the Saeima adopted in final reading amendments to the Motor Vehicle Third-Party Liability (OCTA) Insurance Law letting injured parties, in certain cases, claim compensation from their own insurer rather than the at-fault vehicle's insurer, and broadening compensation to cases where the at-fault vehicle is unidentified or has lost its road-use permit. The direct-claim procedure applies to policies concluded from 1 July 2027, while the expanded compensation covers insured events from 1 January 2027.

Also reported by: ifinanses.lv

The article advises bond investors to study the issue terms before buying, not just the coupon rate - especially refinancing, liquidity and group-structure risks, plus covenant compliance. Higher yield usually signals higher risk, and for secured bonds investors should check what the collateral is, its value, and who holds it, a collateral agent or a trustee.

The Bank of Latvia published a home-insurance market review showing the insured share of homes rose from 30.8% in 2017 to 52.8% in 2025, while nearly half of homes remain uninsured. A supervisory official notes that natural hazards cannot be prevented, only their financial impact mitigated through insurance. The piece announces no new rules or enforcement action.

On 14 October the Public Utilities Commission (SPRK) published the first results of electronic-communications service-quality measurements under its new methodology, in force since 2 July, covering voice calls, internet performance, video streaming and browsing on the Bite Latvija, LMT and Tele2 networks. The results cover only the tested locations and routes, but the standardised method allows comparison across operators and tracking of quality over time.

A Latvijas Banka assessment of the home-insurance market shows that 52.8% of homes were insured in 2025, up from 30.8% in 2017. The central bank notes that while the share has improved considerably over eight years, nearly half of homes remain unprotected against losses from natural disasters.

Credit bureaus CREFO Birojs and Kredītinformācijas birojs have introduced a feature letting people flag that they do not want to take on new credit obligations, partly as protection against someone else fraudulently taking out a loan in their name. From 20 November the two bureaus' flags will be linked so a mark in one is visible to lenders checking the other, and new rules will require creditors to check for such a flag and refuse new credit if it is present.

On 12 October the EU Council substantially expanded its Russia sanctions lists, adding 826 military-industrial-complex companies, 743 individuals, and 77 people involved in organising unlawful 'elections' in occupied territory. Listed persons face asset freezes, and EU businesses and citizens are barred from directly or indirectly making funds available to them. Latvia's Financial Intelligence Unit calls it the largest single addition of individual sanctions since the war began.

Also reported by: ifinanses.lv

The FinTech Latvia association and the Investment and Development Agency (LIAA) held a workshop for LIAA's foreign representatives on positioning Latvia as a base for fintech companies in the EU, noting that more than 20 fintech licences were issued in Latvia in 2026. The article highlights LIAA's foreign representatives as the first contact point for fintech firms choosing where to register in the EU.

On 9 October in Luxembourg the EU's Economic and Financial Affairs Council (ECOFIN) agreed a Council position on the Market Integration and Supervision package, aimed at reducing barriers to cross-border investment and strengthening unified supervision of EU capital markets. Latvia backed moving supervision of the most significant market participants to EU level while keeping member states involved in supervisory decisions.

The Credit Information Bureau (KIB), together with technology firm Fintelligence, launched a new tool for checking clients' and partners' reputation, sanctions status and politically exposed person (PEP) status, automatically analysing public information in over 100 languages. It targets banks, insurers, and law and accounting firms seeking to meet anti-money-laundering and sanctions compliance requirements. The service is available at kib.lv/screening.

On 7 October 2026 the Saeima backed, at second reading, amendments to the compulsory motor-insurance (OCTA) law that would let an injured party claim compensation from their own insurer rather than the at-fault driver's insurer in certain cases. The change is meant to speed up and simplify settling minor road accidents.

Finance Latvia is urging the incoming government's declaration to include concrete growth measures, including abolishing the bank solidarity levy from 2027, revising the capital gains tax, and trimming regulation that goes beyond EU requirements. It also proposes strengthening the Bank of Latvia's crisis role and simplifying access to credit databases.

On 8 October ESMA published an opinion stating that MiCA-authorised crypto-asset service providers must stop offering EU clients services linked to stablecoins (ARTs and EMTs) that do not comply with MiCA. National competent authorities must require remediation of any remaining non-compliant exposures no later than three months after the opinion's publication.

A Finance Latvia adviser argues that during crises, critical services such as banks, electricity, telecoms, pharmacies and fuel stations are interdependent, so a failure in one can cut off access to others. She calls for legally confirming the Bank of Latvia's coordinating role and running joint cross-sector crisis-readiness exercises.

On 8 October EIOPA launched a public consultation on a draft supervisory statement calling for more outcomes-focused supervision of the sales process and pre-contractual disclosures for insurance-based investment products (IBIPs). The statement aims to complement compliance-based supervision by helping supervisors calibrate their engagement with insurance manufacturers and distributors within the existing framework.

On 7 October the Saeima's Budget Committee backed, at final reading, amendments to the compulsory motor insurance (OCTA) law that from 1 July 2027 let an injured party claim from their own insurer rather than the at-fault driver's (direct claims settlement), and from 1 January 2027 widen compensation options where the at-fault vehicle is unidentified. The Motor Insurers' Bureau moves under Finance Ministry oversight.

The article summarizes borrower rights: lenders must assess solvency before signing, and if the check was inadequate the borrower may demand the contractual rate be replaced by the Civil Law's 6% rate; a 14-day withdrawal right applies without compensation. Variable-rate loans may not carry early-repayment compensation, while fixed-rate loans may charge 0.5-1% on amounts above EUR 9,960. Since 23 February 2024, mortgage refinancing with another lender has been eased, saving borrowers an average of EUR 350-500 a year since 2025.

On 6 October the SPRK launched a public consultation on new rules transposing EU directive requirements on transparency of billing and consumption information for electricity and gas end users. The draft sets new requirements for invoice content so consumers can more easily compare their consumption and access their own data.

On 6 October EIOPA published a supervisory statement on authorising and supervising private-equity-backed (re)insurers, flagging mismatched investment horizons, complex financing and ownership structures, and post-acquisition business-model changes as key risks for supervisors to watch. The statement urges supervisors to scrutinise the full financing structure before authorisation and assess risks to policyholders.

Prime Minister Andris Kulbergs is proposing amendments to Latvia's mandatory motor third-party liability insurance (OCTA) law that would let accident victims claim compensation from their own insurer rather than the at-fault driver's insurer, when the damage is caused by a Latvian-registered vehicle. Insurers would be able to refuse a claim only in specific cases — where liability cannot be established, where personal injury occurred, or where compensation exceeds €50,000.

Amendments to the Consumer Rights Protection Law, adopted 17 September and published 1 October, transfer supervision of consumer credit and financial services from the Consumer Rights Protection Centre (PTAC) to the central bank (Latvijas Banka) from 1 January 2027. A new licensing regime for deferred-payment ('buy now pay later') providers takes effect 20 November (EUR 1,500 application fee, EUR 5,000 annual fee), alongside updated consumer-credit special licences (EUR 2,500 plus EUR 5,000/year, capped at EUR 100,000/year). Violations carry fines of up to EUR 75,000; PTAC will close pending cases by 31 December 2026.

PTAC reports that the EU's right-to-repair directive (in force since 31 July 2026) broadens consumers' right to request product repair, and Latvia is implementing it through amendments to the Consumer Rights Protection Law still pending in the Saeima. The requirements will apply to retailers, importers, manufacturers and repair providers of household electrical goods, and PTAC is holding an online webinar on 9 October on ecodesign, energy labelling and repairability implementation.

The Bank of Latvia has opened a mediation process between MiTek Industries SIA and two commercial banks that refused to open an account for the company, requesting further clarifications possibly tied to US FATCA requirements. The central bank will objectively assess both sides' positions and propose a solution consistent with regulation and best practice, while reminding banks they can check beneficial-owner data free of charge in the Enterprise Register and urging banks to scale back disproportionate requirements.

On 30 September 2026 the Bank of Latvia granted Atrya Technologies SIA a crypto-asset service provider licence covering custody/management of clients' crypto-assets and exchange between crypto-assets. Using MiCA's cross-border notification mechanism the firm can operate EU-wide; it is the 12th crypto-asset service provider licensed in Latvia since MiCA took effect.

The Bank of Latvia has granted Neverless SIA a payment institution licence covering credit transfers and recurring payments. It is the company's second licence - it already received a crypto-asset service provider licence in May 2026.

The Bank of Latvia granted Noah LV SIA both a crypto-asset service provider licence (custody, management, exchange for currency, execution of client orders and transfers) and a payment institution licence. The crypto licence allows EU-wide operation under MiCA; the company becomes the 12th licensed crypto-asset provider and 13th licensed payment institution in Latvia.

The explainer notes that both banks and non-bank (consumer) lenders can issue mortgage loans secured by real estate, but terms differ sharply: banks offer around 4.3% annual interest versus 13-18% from non-bank lenders. Both must comply with the Consumer Rights Protection Law and related rules, though non-bank lenders may be more flexible toward borrowers with credit complications.

The article offers guidance on loan consolidation in Latvia, explaining the preconditions, risks, and how such a step can affect a person's credit history — positively by reducing the number of payments, or negatively if the new loan's terms are not met. It targets consumers considering refinancing multiple debts.

MiTek Baltic, a company linked to billionaire Warren Buffett that has operated in Latvia for 18 years, has been unable to open a bank account for four months because the bank demands the beneficial owner's passport and social security number — information that cannot realistically be obtained for a foreign individual. The requirements stem from anti-money-laundering rules and the US FATCA law. Latvia's central bank (Latvijas Banka) confirmed it has set up a mediation process for such disputes and invited the company to file a complaint.

The European Banking Authority adopted on 29 September and published on 30 September its 2027 Work Programme, centred on efficiency, resilience and transformation. Priorities include completing the 2024 banking package, preparing for new payment-services rules, and continuing work under DORA, MiCA and EMIR. The programme aligns with the Commission's banking-competitiveness agenda and also covers Latvian credit institutions within EBA's supervisory scope.

Latvia has joined a new NB8 cooperation format uniting the heads of financial intelligence units from eight Nordic and Baltic states; the inaugural meeting took place 29-30 September in Tallinn. The format aims at a more coordinated regional approach to combating money laundering, terrorist financing and sanctions evasion, including closer cooperation with the EU's Anti-Money Laundering Authority (AMLA).

VID has published a sector risk assessment for the entities under its supervision subject to the Anti-Money Laundering and Counter-Terrorism/Proliferation Financing Law, and improved access to the related information on its website. The assessment targets entities VID supervises (such as non-bank financial and other service providers) so they can adjust their risk-mitigation measures accordingly.

On 28 September EIOPA published a progress report on simplifying insurance and pensions reporting: quarterly reporting templates for solo undertakings cut by 26%, annual templates by 30%, and 25 sets of guidelines reviewed and shortened by about a third. Next steps include promoting digital-friendly data reporting, earlier involvement in legislative work, and better supervisory coordination to reduce single-market fragmentation. The changes also affect insurers and pension funds operating in Latvia.

On 28 September ESMA published its 2027 Work Programme, shifting from preparation to delivery of the Savings and Investments Union, with expanded oversight of consolidated-tape providers, ESG rating agencies and European Green Bond reviewers. The programme sets out four simplification initiatives covering transaction and fund reporting, retail investor engagement and risk-based supervision, plus new data and AI tools. This also affects Latvia-based financial-market participants subject to EU supervision.

The article summarises the tax authority's recommendations for assessing a business counterparty — a company is free to choose who it deals with, but remains responsible for booking transactions in line with regulatory requirements, so it is advisable to assess the risk elements a counterparty brings before transacting.

The Financial Intelligence Unit has published its 2026 National Risk Assessment covering 2023-2025, concluding that Latvia's ability to detect and combat financial crime has improved; fraud and tax crimes remain the highest risk, with sanctions violations elevated; 22 state and sectoral institutions took part in the assessment.

The Cabinet adopted new Regulation No. 561 on distance contracts for financial services, setting providers' pre-contractual disclosure duties, a 14-day consumer withdrawal right (30 days for private pension products), and bans on deceptive interface design or overly complex online cancellation. The general distance-contract regulation (No. 562) was amended in parallel; both take effect 25 September 2026.

ESMA reports upcoming changes to the panel of banks that set the Euribor benchmark rate - relevant to Latvian borrowers and lenders since Euribor is widely used for floating-rate loans and contractual interest calculations.

FID, working with 22 state and sector institutions, has produced the 2026 National Risk Assessment covering 2023-2025, finding that Latvia's capacity to detect, prevent and combat financial crime keeps strengthening and has reached a high maturity level. The highest-risk areas remain fraud, tax crimes, illegal drug and excise-goods trafficking, and sanctions violations; no significant new risks were identified. The assessment is meant to let banks, non-bank lenders and notaries allocate attention and resources in proportion to risk.

The Financial Intelligence Unit's new national risk assessment of money laundering and terrorism/proliferation financing for 2023-2025 finds that the biggest threats stem from tax crime, fraud, and illegal trade in excise goods. It also notes that Latvia's ability to detect and combat financial crime keeps improving, though risks are increasingly carried out through foreign financial infrastructure.

The article explains online marketplaces' and sellers' liability for product safety under the EU Digital Services Act, the Market Surveillance Regulation and the General Product Safety Regulation. Platform operators must set up reporting channels for potentially unsafe goods, regularly check the Safety Gate database, and notify consumers who bought a product within the previous six months that is later found dangerous. In Latvia compliance is overseen by the Consumer Rights Protection Centre (PTAC), while smaller businesses (under 50 employees and EUR 10 million turnover) face lighter obligations.

In 2025 PTAC examined 540 financial-services complaints (up 114.3% on 2024) and gave 2,205 consultations, directly helping consumers recover over €131,000 and preventing at least €5.2 million in losses. Complaints grew fastest in consumer credit (+320%) and debt collection (+96.6%); typical cases involved identity theft used to take out loans, assignment of claims between debt purchasers, and improper creditworthiness assessments. 75 cases (14%) were resolved in the consumer's favour.

Latvijas Banka published Q2 banking-sector indicators: profit reached €205 million (down 2.9% year-on-year) despite a 4.1% rise in core operating income. The loan portfolio grew by €704 million (+3.7%), driven by corporate lending (+4.6%). Non-performing loans held stable at 2.9%; capital ratios (CET1 18.4%, total capital 20.6%) fell roughly one percentage point on strong lending growth, and the liquidity coverage ratio dropped to 200% from 272%, still well above the 100% minimum.

In their joint autumn risk assessment, the EBA, EIOPA and ESMA warn of three key vulnerabilities for the EU financial system: excessive reliance on non-EU ICT providers and clearing/rating infrastructure, AI-enabled cyberattack risk, and the rapid, relatively opaque growth of the private-credit market. The authorities call on supervisors to strengthen crisis preparedness and monitor these risks more closely, even as the EU financial system overall remains resilient.

The Cabinet adopted amendments to the credit-intermediary registration rules (No. 542) and the consumer-credit rules (No. 543), introducing mandatory professional-liability insurance for mortgage credit intermediaries and stronger cross-border supervision under EU Directive 2023/2225. The amendments take effect 20 November 2026, part of a reform moving consumer-credit and credit-intermediary supervision from PTAC to the Bank of Latvia.

The Eurosystem is inviting e-commerce and m-commerce providers across the eurozone, including in Latvia, to apply for the digital euro beta pilot, testing its technical operation and user experience. Selected merchants must sign an agreement with the ECB and adapt arrangements with their payment service providers; participation is voluntary and unpaid. An information webinar is set for 6 October, with applications due by 27 October, 18:00 Riga time.

Latvia's government has approved new requirements for remotely concluded financial services, mainly over the internet. Consumers must be given clearer information about contract terms, and withdrawing online from a remotely concluded financial services contract will become simpler.

Answering a question about unaddressed flyers in a mailbox and bulk advertising text messages, LV portāls explains that distributing unaddressed, non-personalised advertising material is not in itself a privacy breach, since it falls outside personal data protection rules. Sending personalised marketing messages without consent, however, can breach unfair commercial practice and electronic communications rules.

On 18 September the European Banking Authority (EBA) published final guidelines on third-party risk management, focused on contractual arrangements supporting critical or important functions at financial institutions, aligned with the Digital Operational Resilience Act (DORA). The guidelines aim to cut disproportionate regulatory and supervisory burden for less material outsourcing arrangements while keeping strict risk management for the most important ones, affecting banks and financial institutions operating in Latvia too.

Saeima passed in final reading amendments to the Consumer Rights Protection Law that will gradually transfer oversight of financial-services consumer protection from PTAC to Latvijas Banka starting 2027. The central bank will take over licensing and supervision of consumer lenders and credit intermediaries, control of advertising and unfair commercial practices, handling of consumer complaints, and will be able to impose sanctions, including for unlicensed lending; licences will now be issued for an indefinite period. Oversight will also extend to deferred-payment service providers.

Also reported by: ifinanses.lv

The Saeima passed 13 bills in final reading placing non-bank consumer creditors and credit intermediaries under Bank of Latvia supervision, taking that role over from PTAC. Deferred-payment providers join the regime from November 20, 2026, and around 38 non-bank consumer creditors plus 36 intermediaries follow from January 1, 2027. Latvijas Banka is to issue further supervisory regulations by January 1, 2028.

On September 16 the Bank of Latvia's Supervision Committee granted SIA Velvian a payment-institution licence covering card-payment acceptance services for merchants, platforms and other business clients. It is the seventh such licence Latvijas Banka has issued in 2026, bringing the total number of licensed payment institutions in Latvia to 11.

The Latvian Traders Association sent the Saeima's Economics Committee objections to a bill amending the Consumer Rights Protection Law that would impose fines of up to 4% of annual turnover or €300,000 for breaches of product-repair and spare-parts obligations. It argues that the Economy Ministry's and Ombudsman's Office's reading of the EU right-to-repair directive goes beyond what it requires, and that vague criteria paired with severe penalties risk breaching the principle of legal certainty.

Amendments to the Credit Information Bureaus Law took effect on 15 September, letting any individual register a note in the credit bureau's database refusing new credit, which lenders must then respect. The Consumer Rights Protection Law was amended in parallel to require lenders to check for this note before issuing credit. The rules apply from 20 November 2026, and the note can be withdrawn subject to a three-day waiting period.

The paywalled article summarises which professions — including accountants, sworn auditors and insolvency administrators — must carry mandatory professional liability insurance, and what to consider when choosing a policy.

PTAC has launched a campaign reminding e-commerce businesses that the Products and Services Accessibility Law, in force since mid-2025, sets accessibility requirements for online retail aimed at people with functional limitations. A PTAC survey found only 19% of residents understand digital accessibility well, though 86% think e-commerce should provide it. The authority is offering businesses practical tools to check their own websites.

The paywalled article outlines upcoming changes to customer due-diligence requirements from 10 July 2027, including new beneficial-owner thresholds, update deadlines, and requirements for outsourcing and sanctions screening.

PTAC is reminding online shops and other digital service providers that Latvia's Law on Accessibility of Goods and Services has applied to e-commerce since mid-2025, requiring digital accessibility for people with visual, hearing, mobility and other functional limitations. It recommends checking requirements such as image alt-text, video subtitles, sufficient colour contrast and full keyboard navigation, and has launched an autumn awareness campaign, "The Invisible Barrier," with a self-assessment tool for businesses.

On 10 September the European Central Bank unanimously raised its key interest rates by 0.25 percentage points, taking the deposit rate to 2.50%. The ECB forecasts eurozone inflation at 3.0% in 2026, and markets are pricing in three more rate hikes through summer 2027. Higher rates will make borrowing, including EURIBOR-linked loans in Latvia, more expensive.

The Consumer Rights Protection Centre fined SIA "D6 Group" 6,000 euros for persistently offering and selling package tourism services, including trips to Madeira and Poland, without a tour-operator license or client deposit protection. The company marketed trips via the website "advaitaadventures.lv" and social media. The breach concerns Tourism Law requirements for special authorization and traveler guarantees.

LSM.lv reports that the European Central Bank decided on September 10 to raise interest rates by 0.25 percentage points, responding to energy-price rises from the Iran war — the second hike this year. The main refinancing rate rose to 2.65% and the deposit rate to 2.5%. Economists expect this to be the year's last increase, but note it will hit mortgage borrowers hardest, raising payments on existing loans and making new ones costlier.

NRA.lv reports that the Consumer Rights Protection Centre (PTAC) fined SIA "D6 Group" €6,000 for operating as an unlicensed tour operator. Through the website advaitaadventures.lv and social media, the company offered and sold package tours, including to Madeira and Poland, without the required special license or mandatory traveler deposit protection. PTAC warns consumers to check that a tour operator is licensed before booking.

The paywalled article reports that the European Commission fined AliExpress €550 million on 20 July 2026 for Digital Services Act violations linked to risks from non-compliant goods on the platform.

An LV portāls consultation notes that under the Consumer Rights Protection Law, when goods are found non-conforming, the buyer first has the right to choose repair or replacement rather than immediately demanding a refund. A refund can be demanded only if the seller fails to fix the defect within a reasonable time or the defect is especially severe.

On September 8, the Saeima's Budget and Finance (Tax) Committee backed amendments to the Financial Instruments Market Law and the Payment Services and Electronic Money Law that would let parents or guardians open and manage children's payment accounts regardless of age, and create new "coming-of-age investment accounts" that can be opened from age one, restricted to simple financial instruments. A child gains independent control of the payment account at 16 and of the investment account at majority; funds cannot secure obligations, and early withdrawal requires court approval. The amendments still need final Saeima approval.

BB.LV reports that a conflict between the Bank of Latvia and representatives of agriculture, forestry and fisheries has reached the political level — 19 industry organizations sent an open letter to the president and government criticizing the central bank's guidance for commercial banks on assessing business activities' impact on biodiversity. The dispute has run since mid-summer but has now gone public.

BB.LV reports that Hungary's OTP Bank, which plans to buy Luminor Bank, has only begun the regulatory approval process — as of last week, documents had not yet reached Estonia's supervisors or the European Central Bank, though the application was later filed simultaneously in several countries. The Bank of Latvia points to heightened reputational risks tied to OTP's continued operations in Russia, stressing the deal still needs national supervisors' and the ECB's approval.

PTAC reminded consumers that claims for reimbursement over cancelled or partially completed trips with SIA "DIGITOURS" must be filed by September 12. The notice targets travelers affected by the operator's failure to fulfill its obligations. Missing the deadline may forfeit the right to compensation from the security deposit fund.

The article explains that when apartment owners jointly decide to take a loan for roof or facade repairs, every owner must pay their share — even those who voted against it or signed nothing personally — because the obligation stems from a co-ownership management decision, not an individual contract.

The article describes how companies can use procurement (supply-chain) factoring to reduce the risk from shifting payment schedules and supply costs in a geopolitically unstable trading environment, while still meeting client obligations.

On 1 September the Official Gazette (Latvijas Vēstnesis, No. 167) published the amendments to the Consumer Rights Protection Law adopted by the Saeima on 20 August, which enter into force on 15 September (some provisions on 20 November; language requirements must be met by 30 June 2027). New definitions are introduced (creditor, credit intermediary, deferred payment service, tying practice), offering credit without the consumer's express request is prohibited, creditworthiness assessment is strengthened using verified income data and credit information bureaus, and reasonable forbearance measures are set out in the event of payment arrears. Large companies providing deferred payment services must register in the PTAC register; restrictions on remuneration policies for creditors' employees and intermediaries are set, and the withdrawal period for distance contracts is extended where information has not been provided.

Also reported by: lvportals.lv

On 1 September the Official Gazette (Latvijas Vēstnesis) published the amendments to the Credit Information Bureaus Law adopted by the Saeima on 20 August, which enter into force on 15 September; the new paragraphs of Section 12 enter into force on 20 November 2026. Natural persons' rights are strengthened to obtain credit information about themselves and to monitor assessments of their creditworthiness, as well as to register in the bureau's system a note declining credit offers, visible to all bureau users (creditors); the bureau must delete a withdrawn note within three days.

EIOPA submitted technical advice to the European Commission on minimum common standards for insurance guarantee schemes (IGS) across member states, under Article 98 of the Insurance Recovery and Resolution Directive. It recommends harmonising which life and non-life policies an IGS must cover, common claim-submission timeframes and maximum payout periods, preferential ranking for IGS in insolvency proceedings, and minimum liquidity safeguards while leaving funding models flexible. The Commission will develop the actual legislative proposal from here.

Minister of Agriculture Uldis Augulis criticises the guidelines drawn up by the Bank of Latvia for commercial banks on assessing biodiversity impact in lending to agriculture and forestry, which were prepared without the involvement of the Ministry of Agriculture and sectoral organisations. The guidelines classify economic activities as favourable or unfavourable to biodiversity, which may restrict access to credit for farmers and foresters and create additional documentation requirements. The Minister calls for the guidelines to be substantially reworked in cooperation with the sector.

LV portāls explains consumers' 14-day no-reason withdrawal right from consumer credit agreements, requiring repayment of principal and interest within 30 days. Creditors cannot charge penalties for withdrawal except unreimbursed state fees, with exemptions for loans under €140, overdrafts and interest-free credit.

ERGO received about 1,300 claims across the Baltics for damage from the 22-23 August storm, 97% of them in Latvia and Lithuania, forecasting payouts in Latvia could reach EUR 3 million.

ESMA has authorised EuroCTP to act as the single consolidated tape provider for shares and exchange-traded funds across the EU. This means market participants will be able to access aggregated real-time trading data from one EU-wide source.

The European Banking Authority published an opinion responding to observations in the European Parliament's 2024 Discharge Report. The EBA notes only nine of the report's observations directly concern the authority and none require follow-up action.

The article explains a loan's total cost includes fees and contract/account charges besides the interest rate, and advises comparing the annual percentage rate (APR) rather than the nominal rate alone.

Rietumu Banka has granted a €20 million credit line to Estonian mortgage lending group Omega Laen to refinance existing obligations and expand in the Baltics and Poland. The financing comprises two credit lines — for the Estonian parent and its Lithuanian subsidiary.

Also reported by: nra.lv

Farms earning at least 80% of income from agriculture will be able to access an Altum refinancing loan of EUR 100,000-1.5 million if they show financial difficulty and submit a recovery plan.

A new Altum programme funded with EUR 19 million from the EU rural development fund will let farmers write off up to 50% of a loan's principal, capped at EUR 100,000, once investment targets are met.

Within three days of the storm, Compensa received 531 claims in Latvia, with decisions on 95 already made and nearly EUR 55,000 paid out, while its helpline took 1,517 calls.

The Cabinet approved draft laws by the Finance Ministry and the Bank of Latvia transposing EU Directive 2025/1 on recovery and resolution of insurers. Insurance and reinsurance companies will have to prepare recovery plans, and if a company faces serious difficulty, the supervisor may apply resolution tools such as business or asset sales, a bridge institution, or write-down of liabilities. Costs will be covered by the Insurance Guarantee Fund, funded by licensed insurers.

The article explains EU residents' right to open a basic payment account at a bank and the conditions under which a bank may refuse or close one. Fees may not exceed average market rates by more than 25%, and consumers can appeal to PTAC or the financial ombudsman.

In a ruling dated 16 July 2026, Latvia's Consumer Rights Protection Centre (PTAC) found that AS "DelfinGroup" had inadequately assessed consumer solvency before granting credit, relying on data from only one credit bureau, and imposed a fine of EUR 285,000. DelfinGroup disagrees with the interpretation and plans to appeal. Latvia has two credit information bureaus — Kredītinformācijas birojs and CREFO Birojs — and the issue is becoming especially relevant for deferred-payment service providers too.

The article gives practical guidance after storm damage: document damage with photos before clean-up, keep receipts for emergency repairs, and contact the insurer promptly, since insurers can face a backlog of claims after major storms.

After a destructive weekend storm, Swedbank received nearly 400 home and vehicle insurance claims on Monday, with EUR 800,000 already reserved for home-insurance payouts.

Amendments to the Consumer Rights Protection Law, adopted by the Saeima on 20 August 2026, require lenders to observe a consumer's registered instruction in credit information bureaus that they do not wish to receive credit. The changes also introduce new rules for situations where loan repayment is delayed.

The Saeima approved in second reading a rule giving account holders five years to claim funds from a closed bank account, after which the money passes to the state budget. Banks must transfer such funds to the state within 30 days once conditions are met, but the rule excludes Latvian resident individuals and any funds frozen or subject to civil recovery. Industry data put roughly EUR 26.8 million in such accounts; a third reading is still required.

Also reported by: lvportals.lv

On 20 August the Saeima adopted amendments to the Consumer Rights Protection Law introducing a new "capital release credit" product, allowing loans secured against real estate that is not the borrower's declared residence. The loan may not exceed 70% of the property's market value, the repayment term can run up to 30 years, and the borrower's liability is limited to the mortgaged asset. The new rules take effect in mid-September and aim to boost Latvia's low lending-to-GDP ratio (27.5%, versus the eurozone average of 76.9%).

A message circulating on social media urges people, following the CSDD cyberattack, to activate a "STOP credit" flag on the Credit Information Bureau's (KIB) website. KIB confirmed it did not itself distribute the message, though the underlying advice is sound. The flag can be set at kib.lv, using SmartID or eID login, to block new credit obligations being taken out in one's name.

On August 20 the Saeima adopted amendments to the consumer rights protection and credit information laws letting residents register with credit bureaus a refusal to borrow, which lenders will then have to respect when assessing applications. The law also curbs unsolicited credit offers, sets requirements for remote lending and disclosure of AI-personalised offers, and introduces a new home-equity loan product capped at 70% of property value. It further extends registration requirements to credit intermediaries and large deferred-payment providers.

The subscriber-only article explains a PTAC (Consumer Rights Protection Centre) decision on assessing a consumer's solvency before granting credit, and the upcoming extension of this assessment requirement to deferred-payment services.

On 6 August the Competition Council approved SIA Hipocredit Group acquiring 100% of the shares and decisive influence over non-bank lender AS Hipocredit. Both companies operate in the mortgage lending market, issuing loans secured by real estate, forest land and agricultural land. KP concluded the deal will not materially change market structure or restrict competition.

The article explains "STOP Credit," a Credit Information Bureau service anyone can activate to block new loans being taken out in their name, guarding against both impulsive borrowing and identity theft. Lifting the block requires a 72-hour waiting period meant to blunt pressure from scammers. Latvia's Civil Law, Article 1587, is cited as the basis for a borrower's duty to repay even when victimized by fraud.

A procedure is planned under which insurance and reinsurance companies and the responsible supervisory authorities would prepare for potential financial difficulties, so that timely, coordinated action can be taken in the event of serious problems and the interests of policyholders and insured persons protected. The aim is also to preserve financial system stability.

The Consumer Rights Protection Centre (PTAC) warns that more Latvians are submitting AI-drafted complaints that often contain serious errors. PTAC says AI can produce convincing text but lacks legal expertise — citing outdated legislation, wrong deadlines, and legally defective claims against businesses or in court. The agency recommends treating AI only as a supplementary tool and avoiding entering sensitive data without understanding how it is processed.

As of August 19, amendments to the Consumer Rights Protection Law lifted an eight-year ban on consumer credit advertising, replacing it with a responsible-advertising regime requiring cost warnings and barring implications that credit is easily available. PTAC can fine violators up to EUR 300,000.

Amendments to the Consumer Rights Protection Law lift the blanket ban on credit advertising, replacing it with specific requirements: ads must be honest and clear and carry a warning covering at least 10% of the ad space. Credit agreements can no longer be signed between 21:00 and 08:00 (previously 23:00-07:00), and affordability checks are tightened, especially for borrowers under 20. The changes take effect on 27 September.

The European Commission published a delegated regulation setting regulatory technical standards on access to regulated information at EU level, supplementing the Transparency Directive (2004/109/EC). It governs how issuers' disclosures are made accessible across the Union's shared information infrastructure.

PTAC warns consumers that a credit intermediary does not itself issue loans and often charges a commission, while the loan agreement is signed with the actual lender. The agency advises checking an intermediary's partner lenders and fees beforehand, and verifying that mortgage credit intermediaries are listed in PTAC's register. Particular caution is urged when assessing loan refinancing offers.

The government approved amendments expanding the agricultural, fisheries and rural development guarantee scheme, letting banks restructure up to 50% of a loan's principal with a state guarantee of up to EUR 750,000 per beneficiary. The guarantee premium will run at roughly 0.5% annually, with about EUR 3 million redirected from the Rural Development Programme to fund it.

Fintech firm Capitalia launched a monthly financial-health index for Latvian companies, scoring over 3,000 firms in July. The average score was 87/100, but over a quarter carried tax arrears. The tool could help creditors gauge counterparty insolvency risk.

ESMA launched a consultation on a proposed reporting framework covering clearing activity carried out at recognised third-country central counterparties (CCPs). The framework aims to give EU supervisors better visibility into clearing volumes and risk outside the bloc.