More than half (56%) of consumers of financial products and services believe that the very banks and NBFIs should afford them protection through a transparent commercial offer, clear contract clauses and explanations provided to consumers, concludes a CURS survey conducted at national level and commissioned by the Alternative Banking Disputes Resolution Centre (ABDRC). On the other hand, two thirds (66%) of them are not aware of which institution should protect their rights, or do not feel protected at this time. From 12 to 25 July 2023, the Centre for Urban and Regional Sociology (CURS) conducted a quantitative survey, commissioned by ABDRC, on a sample of 1,067 respondents who are decision-makers or co-decision-makers in their household’s relationship with the bank. Data collection was carried out by face-to-face interview at the respondents’ homes.

From 12 to 25 July 2023, the Centre for Urban and Regional Sociology (CURS) conducted a quantitative survey, commissioned by ABDRC, on a sample of 1,067 respondents who are decision-makers or co-decision-makers in their household’s relationship with the bank. The methodology used is based on a sample universe of households where at least one member of the household has had a relationship with a bank in the last 24 months. The maximum margin of error for the whole sample is +/-3% at 95% confidence level. Data collection was carried out by face-to-face interview at the respondents’ homes. The validation of the sample was based on the latest data provided by the National Institute of Statistics (INS). The data collected were not weighted.

When asked whether they enjoy “sufficient measures to protect the rights of consumers of financial services?” “, 41% of respondents believe that they do not receive enough protection, while 34% say that their rights are protected. An important share (25%) is accounted by consumers who do not know whether their rights are protected and who should be in charge of this.

Banks are seen as the main source of information by 60% of consumers who had or expect to have financial problems. The second source of consumer information is people close to them (family, friends and co-workers), with 37%, whereas the media remains the source of choice for 13% of respondents to the survey conducted by CURS. The National Bank of Romania is the most accessed institution/authority for information in the financial and banking field.

56% of respondents believe that the very banks and NBFIs are best qualified to afford consumers protection in their relationships with banks and NBFIs, by making their commercial offers more transparent. In fact, consumers of financial services expect to have their rights protected by the trader who had provided them with the financial product or service.

ANPC (the National Consumer Protection Authority) ranks 2nd with 20%, followed by only three percentage points by the BNR (the National Bank of Romania) with 17%, although, the law does not entrust BNR with such a role. Only 3% of the respondents believe that the Justice would be best qualified, and 1% believe that no one would be able to ensure their protection. ABDRC did not appear in the choices of answers its role is to amicably settle the problems that consumers have with their banks/NBFIs, and it cannot act as a consumer protection authority.

As to how respondents got actively involved in solving their problems with banks or NBFIs, the survey shows that 76% of them went to the financial institution to ask for more information. Thus, the contractual partner is the first option for consumers who experience loan repayment problems or have a grievance in their relationship with the creditor. Fewer consumers pursued other courses of action: 5% sent an email to ANPC, 3% filed a request for negotiation with their bank to ABDRC, and 1% made a referral to the National Bank of Romania.

During the 7 years of conciliating the relations between consumers and banks/NBFIs, only 26% of Romanians heard about the existence of the Alternative Banking Dispute Resolution Centre. Nevertheless, more than half of respondents (61%) say they would apply to Application to have their problems settled amicably, free of charge and out of court.

Alexandru Păunescu, representative of the National Bank of Romania in ABDRC: “A relevant conclusion of the survey conducted by CURS this summer is that the majority of Romanian consumers look for, and do find, solutions to their rights protected at their very bank. People go to banks to get more information, as well as when they experience loan repayment problems and are in need of a solution for this. When the answer they get is not necessarily favourable, ABDRC is there as an alternative to approach the bank. Even if ABDRC’s activity is not that of a consumer rights protection authority, we are glad that this entity, which serves the relationship between consumers and the banking system, can promptly and effectively solve problems that may arise in performance of contracts. This attitude of Romanian consumers evidences an increased level of trust in the banking system. This system is no longer perceived only as a potential source of grievances, but it is seen by consumers of financial services and products as the main source of solutions for their difficulties”.

About ABDRC: ABDRC is an entity set up under an European Directive, and intermediates, free of charge and in not more than three months, negotiations between consumers and banks or NBFIs, for contracts/agreements in progress. Consumers from any county of the country may file applications with the Alternative Banking Dispute Resolution Centre (ABDRC) filling-in an online form directly on the website www.csalb.ro. Once the bank accepts to enter the conciliation/negotiation procedure, a conciliator is appointed. ABDRC works with 17 conciliators, of the best specialists in law and with relevant experience also in the financial and banking field. Everything is settled amicably, and the understanding between the parties has the power of court judgment. More information about the work of the Centre is available by phone at 021 9414 (charged a normal rate).