The EU High Level Advisors’ Mission, in collaboration with the National Commission of Financial Markets (CNPF), organized an informational session on Consumer Protection in Financial Services: Provisions of Directive 2014/92/EU and Best Practices Regarding the Framework Contract for Payment Services.

At the opening of the event, the president of the CNPF, Dumitru Budianschi, noted that adopting community practices requires ensuring greater transparency regarding the fees associated with payment accounts, as well as increasing the mobility of retail financial service consumers to develop an integrated and competitive financial market. In this regard, a set of norms and procedures will be established to enhance the possibilities for comparing services and payment account fees and to encourage the switching of payment accounts, thus avoiding discrimination against consumers based on residence.

The EU High Level Adviser on financial services, Nicolae Grigore, emphasized that a series of fundamental rights have been defined at the European Union level to protect consumers when they use financial products and services. In this regard, he cited Directive 2014/92/EU concerning the transparency and the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features, which ensure increased transparency regarding the fees associated with payment accounts, while also supporting the financial mobility of retail financial services consumers and the development of an integrated and competitive financial market.

The informational session was led by Paul Anghel, short-term expert for consumer protection in financial services within the EU HLA Mission, and General Director for Market Control and Supervision and European Harmonization within the National Authority for Consumer Protection of Romania.

He presented the main provisions of Directive 2014/92/EU of the European Parliament and of the Council on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features. The presentation included practical aspects related to the transparency and comparability of fees associated with payment accounts, the switching of payment accounts, and access to payment accounts with basic services, in accordance with best practices regarding framework contracts with consumers.

Over 40 representatives from the Association of Banks of Moldova, licensed banks, payment companies, and electronic money issuing companies, as well as representatives from the CNPF, participated in the training session.