Complaints against a financial service provider

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Which of the two procedures to choose: a complaint or a dispute procedure?

The examination of complaints and settlement of disputes are separate procedures regulated by different legislation, with different time limits during which actions varying in nature are carried out and/or decisions are taken.

Which of the two procedures to choose?

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A complaint is a written application from an individual stating that their rights or legitimate interests have been violated in relation to a possible breach of law by a financial market participant. The Bank of Lithuania handles requests and complaints from individuals in accordance with the Rules for the examination of requests and complaints of individuals and the provision of services to them at the Bank of Lithuania (270.3 KB download icon).

The circumstances specified in applications submitted to the Bank of Lithuania by individuals are relevant and are assessed by the Bank of Lithuania in the course of risk-based supervision of financial market participants. If the Bank of Lithuania identified breaches of regulatory requirements, it would decide whether to conduct a separate investigation or to impose sanctions on the financial market participant, but it would not decide on the matters of compensation of losses and/or other reinstatement of rights of the financial market participant’s client whose rights and legitimate interests may have been violated (this is covered by the dispute resolution procedure).

Acting in our supervisory capacity and planning our actions of supervision of financial market participants, we treat all applications as important signals but not all the applications are followed up to check the factual circumstances they refer to.

If you believe that a financial market participant may have infringed the regulatory requirements applicable to it:

1. verify whether the situation has been covered in the Frequently Asked Questions (FAQs) section on the Bank of Lithuania's website. You will then be able to quickly assess the compliance of the financial market participant’s actions with the regulatory requirements relevant to your case;
2. if you cannot find the comment you need in the FAQs or believe that the financial market participant may not have complied with the regulatory requirements after the review of the available information, you can file a complaint with the Bank of Lithuania. Before filing your complaint, be sure to read the relevant information below. 

If the Bank of Lithuania found violations of regulatory requirements, it would decide whether to conduct a separate investigation or to impose sanctions on the financial market participant.

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When to file a complaint?

You can file a complaint if:

1. You are a natural or legal person using a particular service of a financial undertaking supervised by the Bank of Lithuania;
2. You believe that a financial market participant has breached regulatory requirements related to the provision of financial services;
3. You have become aware of a potential violation of your rights or legitimate interests and have submitted a written claim to the financial market participant stating the circumstances of the complaint and your claim but have not been able to resolve the situation amicably or have not received a reply within 15 business days.

What is the procedure for filing a complaint?

1. Before filing a complaint with the Bank of Lithuania, you should first contact the financial market participant in writing and state the circumstances of the complaint and your claim.
2. Upon receipt of your notice, the financial market participant must reply to you within 15 business days.
3. If you are not satisfied with the reply or if you do not receive any reply within 15 business days, you will be entitled to contact the Bank of Lithuania by completing and signing a complaint form (40.8 KB download icon).
4. After assessing the information provided, the Bank of Lithuania will provide you with a reply within 20 business days. In a complicated case, the time limit can be extended for another 20 business days.

How to file a complaint?

You can file a complaint by:

• Emailing a completed application form (40.8 KB download icon) to tl.bl@ofni;
• Sending an application in a free form or a completed application form (40.8 KB download icon) by post or by visiting the Bank of Lithuania at: Totorių g. 4, Vilnius.

IMPORTANT! Whichever way you choose, the complaint and its attachments must be signed and submitted in the official Lithuanian or English language.

For general inquiries, you can contact us by telephone: +370 526 80 029, +370 612 69 200, +370 525 12763 (for international callers) or +370 800 50 500 (toll-free information line for calls from Lithuania), Monday to Thursday from 08:00 to 17:00, Friday from 08:00 to 15:45 or by visiting the Bank of Lithuania at: Totorių g. 4, Vilnius.

Information that must be provided in the complaint

• The name of the institution to which the complaint is addressed;
• The name and surname, address and contact details (telephone number and/or email address, etc.) of the person, name and surname of the representative (for a natural person) or the name, legal entity code, registered address, name and surname, job title and contact details of the representative (telephone number and/or email address, etc.) (for a legal person);
• The name and surname, job title of the natural person or the name, code and registered office, if known, of the legal person whose act or omission is contested;
• Names and surnames, place of residence (for natural persons) and/or names, codes, registered address (for legal persons) of the third parties concerned, if known;
• The specific act, omission or decision contested and the date on which it was carried out (adopted);
• The factual circumstances on which the individual relies in support of their claim and the supporting documents;
• The rights or legitimate interests of the individual affected by the contested act, omission or decision;
• The date on which the individual became aware of the contested violations;
• The individual’s claim;
• If the complaint concerns actions of a financial market participant, a copy of the financial market participant’s reply to the individual and, if no reply was received from the financial market participant within the time limit laid down by legislation governing the financial market, a copy of the individual’s application to the financial market participant must be attached;
• The list of attached documents (if any);
• The place and date of the complaint.

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