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Polish Regulator Probes ING, mBank, BIK Over Mortgage Scoring Concerns
UOKiK Investigation into Mortgage Credit Scoring Practices
Details of the Search and Investigation
July 8 (Reuters) – Poland’s antimonopoly watchdog UOKiK searched the offices of ING Bank Slaski, mBank, its mortgage unit mBank Hipoteczny and the country’s credit information bureau BIK over potentially anti-competitive practices in mortgage credit scoring, it said on Wednesday. The regulator is investigating whether the scoring system of BIK, a private entity co-owned by the two searched banks along with seven other lenders and the Polish Bank Association, unfairly lowers consumer scores based on the number of credit inquiries, it said on Wednesday. If anti-competitive practices are confirmed, companies could face antitrust charges and fines of up to 10% of annual turnover.
Responses from Involved Parties
mBank’s Position
• mBank to cooperate but calls allegations “baseless”, appeals search order
ING and BIK’s Cooperation
• ING and BIK cooperating with probe
Regulator and BIK Statements
• UOKiK says model may penalise rate-shopping borrowers
• BIK points to July 1 scoring changes
Scope of the Probe
• Probe targets practice rather than specific companies
Reporting Credits
(Reporting by Rafal Nowak and Alicja Surdy in Gdansk; Editing by Matt Scuffham)