Legal aspects of implementing financial products for the youngest
We have successfully advised our client, an innovative, international financial institution, on the legal aspects of implementing financial products for the youngest.
Financial services are being made available to an increasingly wide range of people, including the youngest – minors, children and adolescents. Offering such services to the youngest market participants involves a number of regulatory risks. In addition, minors require special protection from financial institutions. In view of the above, on behalf of a world-renowned FnTech entity, the Firm participated in the implementation of a project to make selected financial products available to the youngest participants of the financial market.
As part of the project, we carried out a comprehensive assessment of the possibility of providing existing services to underage market participants, as well as advised on the introduction, for this group of clients, of completely new products. The law firm also prepared all the necessary documentation – internal and external, necessary for the implementation of the project.
The scope of advice also included the ongoing supervision of the implementation of the legal recommendations, with ongoing verification and attention to full regulatory compliance. At the end of the work, the Law Firm also performed a comprehensive audit of the project and its implementation from the legal side.
The Law Firm’s client successfully implemented the project in question, making a range of current financial services available to minor market participants, as well as implementing dedicated new products for this client group. Thanks to the Law Firm’s support in the implementation of the project, full compliance with the applicable legislation, requirements and recommendations of market regulators and guidelines of consumer rights protection authorities was maintained.
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