The Best Practice initiative and certificates were created by credit providers and intermediaries collectively in order to enhance and emphasize the relevance of good practices and business ethics in the sector. The process of giving out certificates and approving applications is organized by a dedicated commission called to live at FinanceEstonia.
“Different from the crowdfunding sector, credit providers and intermediaries are highly regulated and inspected. By being transparent and participative while following the existing requirements, credit providers can help to improve the reputation and trustworthiness of the sector,” says Katri Tomson, Senior Associate at Law Firm TRINITI and the current leader of the Best Practice Commission.
Following (or not following) the principles needs to be presented at the credit providers’ websites. To acquire the certificate, the applicant needs to submit a report to the Best Practice Commission where the credit provider is asked to explain how they uptake the Best Practice principles as well as what they plan for the future.
FinanceEstonia is a public-private cluster initiative with the aim of establishing Estonia as a vibrant and innovative location for financial services. Their membership is open to corporates, financial institutions and professional advisors wishing to use Estonia as a base for domestic and international business.
The best practice developed for creditors and credit intermediaries can be found in English at HERE.