Expert-Grup

Typical Situations of Violations of the Rights of Financial Services Consumers

Sectorul financiarProtecția consumatoruluiTuesday, 3 December 202448159 views
Project:
Financial literacy campaign

Automatically translated summary. The full text is available in Romanian.

An information note produced under the National Financial Education Campaign, implemented by the National Bank of Moldova and Independent Think Tank “Expert-Grup”, describes five typical categories of violations of financial services consumers' rights in Moldova and advises consumers on how to protect themselves.

The categories are: insufficient or misleading information on financial products; abusive contract clauses and unfair commercial practices; hidden fees and commissions; aggressive or illegal debt recovery; and lack of transparency about financial risks. Forex and cryptocurrency investment services are not regulated by any authority, so clients have nowhere to turn. In 2023, the National Commission for Financial Markets ordered refunds or cancellation of payments totalling about MDL 113.8 million across some 12,400 loan contracts. Early repayment compensation is capped at 1% of the amount repaid, or 0.5% if under a year remains. The sharp rise in “Prima Casă” instalments in 2022 showed that many borrowers had not understood interest rate risks.

Consumers are advised to request detailed information in writing, read contract terms carefully, keep records of all communication, compare several offers, ask for a full list of fees, prefer written contact with debt collectors, and report abusive clauses to the Commission. It also offers a hotline: 022 85 95 95.

View the original in Romanian