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The Central vs. Consumer Service for clauses

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The Central vs. Consumer Service for clauses

The Central Bank wishes to designate this as the competent authority for the investigation of possible violations of the banks in relation to the abusive clauses in the borrowers' contracts. The Consumer Protection Bill designates the Consumer Protection Service of the Ministry of Energy as the competent authority.

The bill will be discussed today in the parliamentary Trade Committee. In a letter to the Parliament, the Deputy Senior Director of the Banking Department of the Central Bank (CB) George Nikolaou states that in cases where the provider is an institution supervised by the CB, there will be benefits and synergies if the investigative responsibility banks assigned to the CB. At the same time, he notes that the establishment by the Central Bank of relevant mechanisms for reporting and investigating complaints about violations is provided through harmonization with European directives in the Law on Credit Institutions, as well as in other legislation. According to Mr. Nikolaou, if the responsibility for investigating the complaints is assigned to the Consumer Protection Service, the service will have the right to receive data and information from both the banks and the Central Bank, which it deems counterproductive.

Source: www.philenews.com

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