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CONSUMER COMPLAINTS AGAINST THE BANKING SECTOR AS A PART OF CONSUMER PROTECTION
Abstract
Background: The article explores a consumer complaint against the banking sector as a tool for empowering consumers, using Polish Financial Ombudsman information as a case study. Methods: The article consists of three parts, the first of which provides an insight into the describing of complaints in the financial markets, the second one reviews regulations concerning complaint proceedings, and the third one provides numerical illustrating of the trends in complaints against banking sector in Poland. The paper concludes with the information on frequently occurring banking complaint problems. Results: The analysis has shown that the consumer in the relationship with the bank is not defenseless because, at the moment of dissatisfaction with the banking service, he or she may use the complaints mechanism. Conclusions: Complaints are an important element in the relationship between bank and their consumers. In order to build a better image in the eyes of the public opinion, to show greater concern for these relationships, banks should pay great attention to maintaining appropriate standards for complaint handling procedures. As a result of the Financial Ombudsman's actions on the financial market, such as encouraging financial institutions to increase transparency and disclosure of complaints, competition mechanisms are being created. Consumers with such knowledge, as a consequence of increased protection, may make informed and rational decisions in the financial services market, including banking. When selecting a bank, consumers may be guided by the analysis of the percentage of claims that they have recognised in favour of the complainant. Properly managed bank renewal processes affect the culture of communication between customers and the financial market, and the benefits relate not only to both sides of the relationship, but also indirectly to all market participants. JEL classification: O10, G20, G21,
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References14
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