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How do I complain about a financial service? The Banking, Finance and Insurance Commission (CBFA) The CBFA was founded to see to the protection of savers and insurance policyholders, and to ensure as best as possible public confidence in financial products and services and the smooth operation of the markets in financial instruments. To fulfil these objectives, the CBFA has been entrusted by law with a large array of responsibilities. However, the CBFA is not competent to examine complaints by consumers of financial services except in the areas of mortgage credit and supplementary occupational pensions (second pillar). By clicking on the links below you will find further details on the treatment of complaints about mortgage credit and supplementary occupational pensions (second pillar), and on the procedures used by the CBFA in its other areas of competence.1
Lawfulness of offers of financial services Mission Offering or providing a regulated financial product or service without authorization, registration or permission from the CBFA or from another European supervisory authority is an offence. The CBFA contributes to ensuring this prohibition is respected by publishing on its site the lists of persons authorized to provide regulated financial services. An individual can therefore check whether someone offering a financial service holds the necessary authorization. The CBFA will also examine indications of irregular activities that are brought to its attention. It reports to the judicial authorities any irregularities observed and publishes warnings advising the public not to engage in business with suspicious persons. The list of warnings published by the CBFA or by other European supervisory authorities is available on the CBFA web site. What is the procedure ? Persons who wish to obtain further information on the legitimacy of operations proposed to them can consult the heading “Consumer Protection”. If a consumer has any doubts concerning the legitimacy of an investment offer, an investment service or an insurance service, he or she may contact the CBFA at the following address:
CBFA – Consumer Protection Mission The CBFA is responsible for supervising compliance with the Law on mortgage credit, which includes several provisions aimed at protecting the borrower. Under the terms of this supervisory mission, the CBFA examines complaints by persons who consider that they have suffered damages as a result of behaviour by a mortgage company or an intermediary, that is deemed to violate the Law on mortgage credit. For whom ? Anyone who considers that he or she has suffered damages as a result of unlawful behaviour may address a complaint to the CBFA. What is the procedure ? Complaints about mortgage credit may be submitted in writing to the following address: CBFA – Consumer Protection It is advisable to attach, where applicable, a copy of the credit agreement as well as of the exchange of correspondence with the lender.
Supplementary pensions built up within the context of an occupational activity (second pillar)
Mission The supplementary or voluntary pension, which is in addition to the state pension, is a pension built up within the context of an occupational activity. These supplementary pensions form what has come to be known as second pillar pensions, which exist alongside the state (first pillar) pension and individual pension schemes established by private persons through the pension savings or the individual life insurance formula (third pillar). Supplementary pensions may be operated by insurance companies (group insurance) or by institutions for occupational retirement provision (known until recently as “pension funds for employees” – or “provident societies” - and “pension funds for self-employed persons”).. The CBFA has been given a twofold responsibility in this area: the prudential supervision of institutions for professional retirement provision, on the one hand, and supervising compliance with the social legislation concerning supplementary pensions (Law of 28 April 2003 on supplementary pensions and on tax regulations applicable to such pensions and to certain additional social security benefits [LPC/WAP] and Title II, Chapter I, Section 4 of the Programme Law (I) of 24 December 2002 [LPCI/WAPZ]) on the other hand. The latter task applies not only to institutions for occupational retirement provision but also to insurance companies active in second pillar pensions. The CBFA handles complaints and questions of interpretation in these areas. It is not, however, competent for problems relating to state pensions (first pillar) or individual pensions established by private persons (third pillar). For whom ? Any member or beneficiary of a supplementary pension scheme (second pillar) may address a complaint to the CBFA. What is the procedure ? Complaints regarding supplementary pensions may be submitted in writing to the following address: CBFA – Pension Institutions - Domestic Insurance Companies
1 All personal data submitted to the CBFA for this purpose are treated by the CBFA in accordance with the Law of 8 December 1992 on privacy protection in relation to the processing of personal data. The data submitted may be communicated to third parties under the conditions provided for in Articles 74 and 75 of the Law of 2 August 2002 on the supervision of the financial sector and on financial services. Insofar as the data received are not covered by the CBFA’s obligation to professional secrecy, natural persons whose data are submitted have the right to access and rectify these data pursuant to Articles 10 and 12 of the aforesaid Law of 8 December 1992.
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