2012-07-31
The council established by the Bank of Lithuania will seek harmony of interests of banks and their customers
In order to ensure sustainable development of the financial market and in search of the ways to solve the problems raised by the associations of banks and users of their services efficiently, the Bank of Lithuania established the Consumers and Banks Council and undertook the coordination of its activity.
The Council will identify the most important and urgent practical problems of consumers and bank customers and propose the ways of their solution. Proposals are expected on the ways to improve the regulation of the financial services sector and the settlement of disputes between consumers and banks and to ensure the application of business practices based on high ethical standards.
“By establishing this Council, we are undertaking a peacemaker’s mission – we expect and seek to ensure that institutions representing banks and their customers cooperate in a closer and more effective manner”, said Mr. Vitas Vasiliauskas, Chairman of the Board of the Bank of Lithuania. According to him, the Council should become the place, where the parties that often fail to communicate efficiently will hear each other and through constructive work will find solutions that will render tangible practical benefits both to financial services providers and their customers.
It is expected that the Council will present proposals on the establishment of better practices of informing consumers about their rights, the risks and costs of financial services, as well as practical recommendations on the solution of long-standing problems related to the amendment of the terms and conditions of credit agreements, default on obligations, etc.
The Council will include representatives delegated by the Association of Lithuanian Banks and institutions representing the interests of the users of financial services.
The activity of the Consumers and Banks Council will be coordinated by the Supervision Service of the Bank of Lithuania.