The CNB’s consumer protection competences

In respect of consumer protection supervision of the aforementioned entities operating on the financial market, the CNB is obliged:

1. to receive and deal with suggestions by consumers and their associations;
2. to supervise compliance with new obligations (for example in the form of on-site inspections);
3. to avert any immediate danger to a consumer’s property by suspending the provision of services or by closing business premises;
4. to impose corrective measures and penalties.

The process of dealing with a consumer’s complaint ends with the CNB affirming whether the complaint was legitimate or not and with the imposition of any penalties or other measures against any entity that has broken the consumer protection rules. The CNB is not authorised to order damages. Where damages are claimed, consumers must apply to a competent court or arbitrator.