CBCG in protecting the financial services users’ protection

15/03/2023

On 15 March, the World Consumers Rights Day, the CBCG prepared an informative brochure entitled “What to know before and after concluding a consumer loan agreement”. The brochure, available on the CBCG website, is a compilation of the most common questions and answers related to consumer loans, which the CBCG collected in direct communication with the credit institutions’ clients.

We remind that the protection of the financial and credit institutions credit institutions clients’ rights has been a key CBCG function since 2014. Then, the CBCG has begun supervising consumer lending through the procedures of on-site and off-site supervision of creditors to whom it issued a licence and by considering the merits of submitted consumer complaints with the primary goal of improving consumer rights and harmonising the regulatory framework in consumer lending with the relevant acquis communautaire.

In addition to the assumed banking ombudsman’s powers, the Law on Credit Institutions authorises the CBCG to give recommendations to credit institutions to improve relations with clients and advise clients on ways to resolve disputes, and impose supervisory measures to eliminate identified irregularities.

Given the above, the CBCG Unit for financial and credit institutions credit institutions clients determines the justification of all complaints from citizens daily and acts in accordance with its powers. Moreover, the authorised CBCG officials continuously provide the necessary clarifications to the financial and credit institutions credit institutions clients by phone and inform them about the rights how to protect those rights prescribed by law.

Through the aforementioned activities and numerous other targeted campaigns such as Global Money Week, Savings Week, Fintech Conference and Fintech Hackathon, the CBCG contributes to the financial literacy spreading.