Number of customer complaints about financial services has increased over year
In 2016, the Financial Supervision Authority received a total of 174 customer complaints about financial services, compared to 112 complaints in 2015. The share of complaints has increased among all financial services, but most of the complaints were about banking and insurance services. For the first time the complaints include those made about the activities of creditors and credit intermediaries, 19 in total over the year.
Most of the disagreements in the banking services area arose when the service provider changed their terms and conditions, e.g. pricing, interest margin, requirements for collateral. In addition, there were many complaints about payments and ATMs. Clients have claimed that sometimes the ATMs count the bank notes incorrectly. In 2016, the FSA received the most complaints about banking services against the activities of SEB Pank, Nordea Estonia branch and Swedbank.
Most of the disputes in the insurance sector were about declined compensations. There were also complaints about changes in terms and conditions. The FSA received the most complaints about insurance services against the activities of If P&C Insurance and ’Lietuvos draudimas’ Estonia branch.
For creditors and credit intermediaries, most of the disagreements are connected to solvency assessment. These mostly concern contracts that were signed before the Creditors and Credit Intermediaries Act was put into force in 21 March 2016. In addition, customers have notified about suspicions that consumer credit advertisements do not meet the requirements. In 2016, the FSA received the most complaints about the activities of Bondora and IPF Digital Estonia.
The name of the service provider was not included in ten complaints received by the FSA in 2016.
List of ten financial service providers who received the most complaints in 2016:
|Service provider||Number of complaints||Market share in their sector*|
| AS SEB Pank|| 28 || 23%|
| Nordea Bank AB Estonia branch|| 23|| 11% |
| Swedbank AS|| 22|| 48% |
| If P&C Insurance AS|| 15|| 23% |
| Danske Bank A/S Estonia branch|| 8|| 4% |
| AB ’Lietuvos draudimas’ Estonia branch|| 8|| 14% |
| ERGO Insurance SE|| 5|| 17% |
| Swedbank P&C Insurance AS|| 5|| 16% |
| Bigbank AS|| 4|| 1% |
| Bondora AS || 4|| 0%|
* The market shares are shown as at the end of 2016, have been rounded up and calculated based on the reports submitted to the FSA. The market share has been measured by insurance payments for the insurance sector, by volume of assets for the banking sector and by volume of issued loans for the creditors.