Number of complaints decreases by fifth, Piraeus bank punished

In the first half of the year, the Center for protection and Education of the National bank of Serbia received 713 complaints for the work of financial institutions, 82,6% referred to banks' operations, from the consumers of financial services in Serbia, NBS has announced today.

Compared to the same period last year, the number decreased for 20,9%.

In the first half of the year, due to alleviation of the Law on protection of consumers of financial services effective as of December 5, 2011, NBS punished Piraeus bank. the Central bank imposed measures implying order to remove irregularities.

In this period, consumers sent 589 complaints for the work of banks, which is 24% less in comparison to the same period 2012.

Majority of complaints referred to loans, 53,3%, 18,7% to current accounts and 14,8% to payment cards.

In this period, in most of the cases, clients addressed the institution due to misunderstanding of method for establishing new installment amount in the process of alignment of the Law on protection of consumers of financial services, concluded before the Law became effective.

They were complaining about their requests to refund assets which the bank calculated to higher amounts and charged before the Law came into force and based on application of fluctuating, undefinable nominal interest rate, the amount of which was increased in comparison to the one previously agreed.

Clients were calling due to difficulties in settling debts based on loan contracts, credit cards or current account minus as well as due to inability to refinance these debts, especially when speaking of outstanding debts of banks in Swiss franks.

A part of clients turned to it due to application of NBS recommendations with respect to loans in Swiss franks and undefinable elements of fluctuating interest rate before the Law on protection of consumes of financial services became effective.

In the first half of the year, the Center for Protection and Education received 120 complaints for the work of insurance companies, which is 2% less compared to the same period last year.

The largest number of announcements referred to self-responsibility - 55% and life insurance -20%.

In most pf the cases, clients were complaining of the damage compensation amount, unduly damage compensation payments, refusal of payment of undisputed damage compensation portion, problems in obtaining the right on the basis of life insurance policies, problems with European report as a proof and problems in obtaining right on the basis of life insurance policy for the case of inability to continue premium payment.

Four complaints or 0,6% of the total number was addressed to the work of the financial leasing providers.

The Center for Protection and Education received 324 premature complaints as well addressed without previously addressing the financial institution, which is 27% less than in the previous period last year.