In order to support consumers of financial products and services related to the three non-banking markets, the ASF has decided to set up the Alternative Dispute Resolution Entity in the non-banking financial sector (SAL-Fin) in the form of a functional structure, responsible for conducting ADR procedures that result in the proposal or imposition of a solution, with a view to settling a domestic or cross-border dispute out of court. SAL-Fin is a necessary tool in the efforts to strengthen the stability of the financial market, to increase the level of protection of consumer rights, thus complementing the mechanisms available to consumers in resolving disputes they have with entities regulated by the ASF.
The alternative to the judicial dispute resolution system provided by SAL-Fin is intended to be, by its nature, faster, cheaper and easier for consumers to use.
The settlement of disputes that may arise between consumers and entities of the insurance market, the capital market or the private pension system, authorised, regulated and/or supervised by the ASF is carried out by one of the independent and impartial conciliators registered in the Corps of Conciliators. This body is made up of individuals with professional training and experience in both the non-banking financial markets and alternative dispute resolution.
The settlement by proposal procedure is the settlement of a dispute under the supervision and guidance of a SAL-Fin conciliator, which arises as a result of proposals made by the conciliator, suggestions and concessions agreed by the parties to settle the dispute within SAL-Fin.
The procedure of alternative dispute resolution by imposition of a solution within the SAL-Fin ends with the delivery of an imposition decision. Judgments which are not appealed within 15 calendar days from the date of communication shall be enforceable.
The settlement procedure is carried out in stages, i.e. for a settlement by proposal, the deadline is a maximum of 60 days with the possibility of an extension for a further 45 days, and for a settlement by imposition, the deadline is a maximum of 90 days with the possibility of an extension for a further 90 days. The parties shall be informed in advance of the special conditions of these procedures.
Access to this type of service is provided free of charge by the consumer by voluntarily expressing this option in writing, directly to the SAL-Fin office, by post or by electronic means of communication, while providing proof that he has previously tried to settle the dispute directly with the trader concerned. If technical expertise, certified and apostilled translations or other evidence is required for the resolution of the dispute, the cost of such evidence shall be borne by the party to the dispute requesting it.
SAL-Fin is located at Splaiul Independenței no. 15, sector 5, Bucharest, tel. 0800 825 627, e-mail: firstname.lastname@example.org.
Further information can be found at www.salfin.ro.