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Banks and NBFIs in Romania, fined RON 2.5 M in the past two years

National Authority for Consumer Protection (ANPC) conducted two investigations at banks and non-banking financial institutions (NBFIs) in 2016 and 2017 and received more than 16,000 complaints at national level, according to a report published at the PM Mihai Tudose request.

Following the controls, ANPC fined the lenders with over RON 2.5 million and ordered the return to consumers of about RON 3.7 million. Recently, ANPC has begun a new checks.

Prime Minister Mihai Tudose said Tuesday ‘Romania TV’ private broadcaster that he has refused to have his salary on the card, because he does not want to give any commission to the banks, because some of them believe they are smarter than the Romanian state.

Moreover, he compared them to the famous bandit Terente. To substantiate his claims, Tudose has asked ANPC to publish the report on the checks made at loan institutions.

According to the report, the credit institutions were mainly penalized for irregularities in loan contracts and business conditions, which in some cases led to imposing additional costs on consumers.

Banks and NBFIs have also been penalized for charging other commissions, but also for incomplete consumer information – by not mentioning the effective annual interest rate in the advertising material, for example.

In 2016, ANPC received 10,476 complaints, ended 249 contravention minutes, with fines totaling RON 1.7 million. Also, about RON 1.1 million were reimbursed to the consumers, as well as EUR 112,000 and CHF 361,000.

This year, ANPC received 6,137 complaints, concluded 47 contravention minutes, with fines of RON 489,000, and ordered the return to consumers of RON 489,000, EUR 20,000 and CHF 13,700.

About Anca Bernovici