Consumer Protection in the Consumer Credit Market Discussed at a Dedicated Press Club Organised by Expert-Grup
Automatically translated summary. The full article is available in Romanian.
On 24 April, the Independent Think Tank “Expert-Grup” held a press club on consumer protection in the consumer credit market. Participants discussed how to avoid over-indebtedness, abusive clauses and fraud, and how the National Commission for Financial Markets protects the rights of users of lending services.
The Commission's President, Dumitru Budianschi, said protection should begin at product design, with emphasis on market supervision and proactive measures. Vice-President Adrian Gheorghiță said a review of lenders' advertising had revealed unfair practices, including erroneous or misleading information, and presented a draft bill to strengthen the consumer protection framework.
Commission representatives also pointed to transparency breaches under Law No. 202/2013, excessive interest and penalties, incorrect calculation of the effective annual interest rate, hidden fees, unjustified early repayment charges and abusive clauses. Consumer associations in Moldova were described as almost invisible, requiring authorities' support. Mihaela Pascal of the European Consumer Centre offered assistance, and journalists asked for training. The event was funded by the European Union and the Soros Foundation Moldova.
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