The Financial Ombudsman handles complaints from consumers against financial institutions. The consumer submits a completed complaint form against a financial institution online or in paper form . A fee of €20 is paid when submitting the complaint.
The consumer can be either a natural person or a legal entity.
The complaint, provided that it meets the submission and examination criteria, in accordance with the provisions of the relevant legislation (Law 84(I)/2010), will be examined by the competent officers of the Agency. Subsequently, a relevant decision on the complaint will be issued by the Financial Ombudsman, which will be notified to the consumer and the financial institution. The Ombudsman’s decision is binding only if accepted by both parties within 2 months or within 10 days if the complainant is an eligible debtor .
Useful Terms
What does “Complaint” mean?
“Complaint” means the submission of a protest or objection or dispute to the Agency against a financial undertaking, the amount of which does not exceed the amount of €250,000. The term complaint also includes the complaint submitted by an eligible debtor for confirmation of the required mortgage debt prior to the foreclosure process in accordance with the Transfer and Mortgage of Real Estate Law.
What does “Consumer” mean?
- Natural Person
- Natural person who is not in bankruptcy
- Including the eligible debtor (market value of main residence up to €350,000)
- Legal Entity
- Legal Entity legally registered that is not under liquidation status
- Legal Entity whose turnover in the previous year does not exceed €350,000
- Charitable Foundation or Association or association of persons whose income does not exceed €250,000
- Trust or Provident Fund whose net assets do not exceed €250,000
What does “Eligible Debtor” mean?
A mortgagee whose mortgaged property under sale constitutes a primary residence.
What does “Main Residence” mean?
The residence used for the residence of its owner and/or members of his family, for a period exceeding six (6) months per year, the estimated value of which does not exceed three hundred and fifty thousand euros (€350,000).
What does “Financial Enterprise” mean?
(a) Licensed Credit Institution
(b) Electronic Money Institution
(c) Payment Institution
(d) Legal entity holding a license to provide intermediary services in the transfer of money to and from the Republic
(e) Insurance Company
(f) Investment Services Company
(g) Mutual Fund Management Company or
(h) other natural or legal entity operating in the Republic in accordance with an operating license granted by a competent supervisory authority or under a free establishment regime pursuant to:
(i) on the Activities of Credit Institutions Law
(ii) on the Open-ended Undertakings for Collective Investment in Transferable Securities (UCITS) and Related Matters Law
(iii) on Investment Services and Activities and Regulated Markets Law
(iv) on the Practice of Insurance Business and Other Related Matters Law
(v) on the Purchase and Sale of Credit Facilities and Related Matters Law
and includes a legal or natural person, which falls within the definition of the term “intermediary” as defined in article 2 of the Practice of Insurance Business and Other Related Matters Law and carries out intermediation activities in the insurance sector.
Natural Persons
Find all the information you need as an individual to file a complaint against a financial institution. Learn more about our role, the complaint process, and the types of complaints we can handle.
Natural persons also include eligible debtors with a market value of their main residence up to €350,000.
Legal Entities
Find all the information you need as a legal entity to file a complaint against a financial company. Learn more about our role, the complaint process, and the types of complaints we can handle.
Legal entities also include charitable foundations, associations, associations of persons, trusts or provident funds.