We are all Consumers in the Financial Market

All consumers in the European Union, regardless of their place of residence, whether travelling or not, when shopping, should have equal protection of their rights guaranteed. However, due to regional optimisation of financial products, the scope and spectrum of protection of the concluded transactions is different. 

Member states have also different experience in consumer protection regarding hot debatable topics such as loans denominated in foreign currencies or loans indexed to foreign currencies or the increasingly widespread phenomenon of unauthorised payment transactions.

The Financial Ombudsman, a partner of 30th Economic Forum in Karpacz, has a pleasure to invite you to a discussion on consumer protection in the European financial market. The guests of our panel meetings – prominent representatives of the world of science and business, as well as consumer law practitioners will talk about their experience and share their visions and plans for the future. We are deeply convinced that the meeting in Karpacz will translate into the raise of public awareness and the level of real consumer protection both in Poland and in Europe.

It is our pleasure to invite you to participate in the panel meetings of the Financial Ombudsman

Swiss franc loans today and tomorrow in the European context - 7.09.2021, time: 14:30-15:30

Loans denominated in foreign currencies and loans indexed to foreign currencies were offered in many European countries. Despite the currency risk, the popularity of the Swiss franc loans constantly increased until the moment of the rapid rise in the exchange rate of the Swiss currency in 2015, which had a huge impact on European economies.

The main target of this panel is discussing the asymmetry of consumer protection in the financial market from the national perspective, taking into consideration the introduced legislative changes, as well as from the European point of view, in particular in the light of the Council Directive 93/13/EEC of 5 April 1993 on unfair terms in consumer contracts and the case-law of the Court of Justice of the European Union.

Not only will the discussions be focused on the various level of abusive nature of the same products and services, but also on the economic effects and social costs in order to draw lessons learned for the future.

Unauthorised transactions as an example of todays’ threats for the safety of a customer in the financial market – 8.09.2021, time: 13:20-14:20

With the increase in the number of digital payments, protection against unauthorised transactions has become one of the main issues regarding safety of financial market customers.

The main target of this panel is exchange of experience and views on the problem of unauthorised transactions between representatives of the European countries. We will discuss counteracting and preventing unauthorised transactions, judicial practice connected with unauthorised transactions, the functioning of competent authorities other than courts dealing with protection against unauthorised transactions, as well as practical and scientific observations on this subject matter regarding strengthening legal institutions.

Consumer protection in the financial market from the European perspective  - 9.09.2021, time: 13:20-14:20

In the new programme for consumer protection in the EU, there is a clear need to consolidate the protection policy so that we address both the challenges we already know very well and those that have become evident during the ongoing COVID-19 pandemic.

During the panel, we will identify the challenges for the industry consumer protection in the financial market from the perspective of particular countries in the light of the new EU consumer policy.  Furthermore, actions aiming at efficient and modern protection of financial service consumer will be presented.

The discussion will focus on different levels of protection of consumers, financial products or  services, but also on today’s challenges for the UE consumer law in the light of  the Regulation (EU) of the European Parliament and the Council.