The complaint process and the need to ensure a high level of protection for customers of financial market entities in the light of the act of august 5, 2015 on complaints handling by financial market entities and on the Financial ombudsman – practica
The complaint process and the need to ensure a high level of protection for customers of financial market entities in the light of the act of august 5, 2015 on complaints handling by financial market entities and on the Financial ombudsman – practica

Summary/Abstract: Since the Insurance Ombudsman was established in Poland, customers of financial institutions, consum- ers in particular, are being placed under an increasingly broader and more strongly enforced statutory protection in the scope of infringements of their individual rights and interests. Under the previously ap- plicable legal status there were no generally applicable regulations imposing the obligation to consider complaints within a reasonable time on financial market entities. This has changed with the entry into force of the Act of 5th August 2015 concerning the complaint handling process by the entities of finan- cial market and Financial Ombudsman. The existing legislation does not provide full consumer protec- tion, however, legislation in this area is constantly developed and still better enforced. In this article, the authors present the right to consider a complaint as a fundamental consumer right. The authors discuss the scope of application of the Act of 5th August 2015, the course of the complaint procedure, including the form and manner of delivering the response to the customer – at the same time formu- lating numerous practical comments and de lege ferenda proposals.

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