Number of complaints submitted to the Financial Supervision Authority continues to drop
In 2013, the Financial Supervision Authority received a total of 102 complaints about provision of financial services. The number of complaints grew from 2006-2011, peaking in 2010. From 2011, the number of complaints has decreased.
The predominant share of the complaints lodged in 2013 concerned banking, investment and insurance services, with individual complaints also received regarding insurance brokerage and payment services. The percentage of insurance disputes with respect to all complaints continued to decrease.
As to banking services, problems related to settlements were prevalent in 2013. The most questions arose regarding the level and legitimacy of service fees; there were also problems regarding disputed transactions. Access restrictions on banking services due to frozen accounts also met with disgruntlement.
With regard to loans, problems continued to arise over coming to terms with customers for overcoming payment problems, while dissatisfaction was expressed with the practices for notifying indebtedness and the amount of collection expenses. Questions also came up in connection with the legitimacy of penalties for early repayment of loans.
In the insurance field, customers were most dissatisfied with insurance companies adjusting specific claims, with dissatisfaction expressed with the amount of indemnities and denial of claim.
In 2013, the Financial Supervision Authority received the greatest number of complaints regarding the activity of Swedbank AS and AS SEB Pank, which also hold the largest market share on the banking market. In terms of market share, a greater proportion of complaints concerned the activity of Danske Bank’s Estonian branch and Nordea Bank Finland Plc’s Estonia branch. As to insurers, the most complaints were lodged regarding the activity of If P&C Insurance AS and ERGO Insurance SE.