Have sent a formal complaint to ESA

The Homes Association of Iceland have sent a formal complaint to the EFTA Surveillance Authority (ESA) regarding the implementation of indexed consumer mortgage loans and violations of EEA rules in the field of consumer protection by the Icelandic government.

An announcement from the association states that the reason is that in November 2015 the interests of financial corporations were put over the rights of the interests of consumers in the Supreme Court in Iceland in the case of the Homes Association regarding the implementation of indexed consumer loans.

"The implementation of such loans in this country has not been in accordance with the EEA rules on the information obligation of lenders, since the financial institutions have excluded the cost of indexation, i.e. indexation, from mandatory disclosure to consumers of the total cost of borrowing and the annual percentage rate of borrowing costs."

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