Individuals or small firms that suffered a loss or encountered other problems after resorting to a bank's services will have the possibility to receive a maximum compensation worth the equivalent of 50,000 euros on the basis of a decision issued by the Banking Mediator, an institution that is likely to be set up this autumn.
According to the project discussed by the members of the Romanian Banking Association (ARB), the mediation bureau will be authorised to deal with complaints related to all the products and services provided by the lending institutions taking part in its creation.
The service will be free of charge and is meant to improve the image of the banking system in the eyes of the public, as well as shorten the interval needed for the sorting out of complaints by avoiding court procedures when damages are not higher than 50,000 euros.
This type of institution is operational in several EU countries, and their experience shows banks always agree to abide by the mediator's recommendation.
The average period for addressing a complaint filed by a customer should be of 60 days. To be accepted, the complaint has to be addressed first to the bank in question and the mediation bureau can intervene only in the case the answer is not satisfactory.
The think tank created by ARB, which includes representatives of Alpha Bank, BCR, ING, Raiffeisen Bank and the NBR, has recommended the new institution be founded through a voluntary, private and independent scheme, following the most common model in the EU.
The alternative is set up a public institution all lending institutions present on the market should be forced to join.
The first alternative is viewed as more flexible and easy to put into practice and subsequently adjust depending on market reactions.
In case a private institution to which banks voluntarily participate is approved, the authors of the project consider licenses from the NBR and the National Consumer Protection Authority (ANPC) can be obtained in April.
The institution could then be officially launched this November.
The institution would be supervised by a Board of Trust mandated to name the Banking Mediator, selected from the list of authorised mediators, in line with Law 192/2006, with legal training and solid reputation.
The board will ensure the independence of the institution and will include representatives of banks, the NBR and ANPC.
According to the ARB project, the institution is necessary given "the significant loopholes in the current system meant to protect Romanian consumers of financial products and services" and also as "the negative advertising generated by trials can have a terrible impact over banks' businesses".
Banking Mediator
Could be set up this autumn
Will solve complaints by individuals and small firms on the products and services provided by the lending institutions participating in its creation
The service is free of charge and is meant to improve the image of the banking system in the eyes of the public and also shorten the period needed to solve complaints by avoiding court procedures in the cases where damages do not exceed 50,000 euros
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