Consumer Disputes with Financial Market Participant

In accordance with the Description of the Procedure for the Settlement of Disputes of Consumers and Financial Market Participants approved by the Board of the Bank of Lithuania, we hereby inform you that from 2 January 2012 the Bank of Lithuania shall investigate consumer disputes with financial service providers where the clients of financial institutions believe that their rights have been infringed but the problem could not be solved with the service provider in person.

Referring to the information provided by the Bank of Lithuania, the disputes investigated by the Bank of Lithuania shall cover disputes regarding loans, insurance, investment services, payments and other financial services arising between a person providing these services and a consumer, as well as disputes of participants of collective investment undertakings and pension funds established in Lithuania with managers of these undertakings or funds arising from relations of participation in a respective undertaking or fund.  Disputes between investors and issuers performing the primary emission of securities on their own arising from securities distribution relations shall also be investigated. Consumers can address the Bank of Lithuania in relation with approximately 500 service providers.

For more information, see the website of the Bank of Lithuania.