The NBM described typical situations of violation of the rights of consumers of financial services and gave consumers recommendations for protection
In particular, the National Bank of Moldova published new information materials, which it distributes in partnership with the Independent Analytical Center Expert-Grup as part of the National Campaign for Financial Education of Citizens, informing them on various topics in the financial sector. In its new publication on the topic "Typical situations when the rights of consumers of financial services are violated", the National Bank noted that the protection of consumers of financial services is vital for a prosperous society. The absence of this can lead to unfavorable situations for consumers, as well as contribute to the emergence of financial crises. The NBM conditionally divided typical situations of violation of the rights of consumers of financial services into 5 categories: insufficient or misleading information about financial products; unfair terms of the contract and unfair commercial practices; hidden commissions and fees; aggressive or illegal debt collection practices; lack of transparency regarding financial risks. The National Bank of Moldova described in detail each type of possible violations and risks for consumers. In order to minimise the risks of violation of our rights as consumers of financial services, the NBM recommends that everyone be responsible and vigilant. In this regard, when interacting with financial service providers, it is recommended to request detailed information, preferably in writing. Receiving complete, correct and accurate information about the products and services purchased is part of the basic rights of consumers enshrined in the Law on the Protection of Consumer Rights. Consumers should also carefully read the terms of the contract, take the time to fully read the terms of the contract, paying close attention to the sections on commissions, interest and any additional fees. It is also recommended to document all correspondence - when receiving financial services, keep a record of all communication with financial service providers, including emails and phone calls. This may be useful in the event of disputes in the future. Citizens are advised, before making their choice, to compare offers from a number of financial service providers in order to find an agreement with the most favourable terms, which is a very good means of protection against potential restrictions of rights. A financial consultant can help in this process. If unfair terms are discovered, they must be immediately reported to the National Commission for Financial Markets. It is also recommended to ask the financial service provider to provide full information about all fees and charges related to the financial product or service we are going to use before signing the contract. It is recommended to avoid telephone communication and give preference to written communication (correspondence) when interacting with institutions/people responsible for debt collection. It is necessary to contact competent official sources, independent sources, follow explanatory materials promoted by government agencies. // 03.12.2024 – InfoMarket.
