A significant drop of complaints

Last year, a total of 119 complaints were filed with the Financial Supervision Authority over the provision of financial services – a significant drop from previous years. The bulk of the complaints were filed against banks.

Most problems revolved around borrower insolvency and the challenge of reaching a mutually acceptable agreement on how to overcome payment difficulties.

The number of complaints filed with the Financial Supervision Authority soared during the worst period of the crisis, from 2008 to 2010. A total of 153 complaints were filed with the Financial Supervision Authority in 2008, 181 in 2010. The rise in the number of complaints was halted and reversed already in 2011, with 148 customer complaints filed over financial services.

The highest number of complaints was filed against the biggest market participant, Swedbank. Danske Bank Estonia branch and BIGBANK received the most complaints in proportion to their market share.

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