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    Press Release - A.S.F. the selection of the members of the Consultative Group on Permanent Dialogue in the field of consumer protection of non-banking financial services begins

Press Release - A.S.F. the selection of the members of the Consultative Group on Permanent Dialogue in the field of consumer protection of non-banking financial services begins

Bucharest, April 7, 2021 - The Financial Supervisory Authority (A.S.F.) announces the start of the selection process of the new members of the Advisory Group for Permanent Dialogue in the field of consumer protection of non-banking financial services (GCDPPC).

The selection is to be made by ASF, according to the provisions of the Organization and Functioning Regulation of GCDPPC, based on the criteria of: good reputation, involvement in consumer protection of non-banking financial products and services, level of expertise, activity in the field consumer protection of non-banking or related financial products and services, support by a consumer association or an association of the non-banking financial market industry.

Interested persons shall submit in writing to the A.S.F. their intention to participate, on the email address: secretariat.gcdp@asfromania.ro, accompanied by all the documents requested in the detailed announcement published HERE.

The main purpose of GCDPPC is to promote the rights and legitimate interests of consumers and to facilitate communication between all stakeholders in the field of consumer protection of non-banking financial services - non-banking financial market actors, relevant consumer protection associations and A.S.F. The Group is, in fact, a platform for discussing principles, values, ideas and proposals for the protection of consumers of non-banking financial services in order to support them, by constantly following relevant developments and trends in the field of non-banking financial services, in order to improve experiences. consumers and the continuous adaptation of practices and policies in the three areas of activity, which are within the scope of ASF regulation

The group consists of 23 members, elected for a period of 3 years. The terms of office of the members of the Group, elected in 2018, have ended.

In order to ensure the effectiveness of the Group, it is composed of natural persons, supported by a specialized association, in such a way as to ensure equitable representation, as follows:

nine representatives from consumer associations, relevant associations with a related field of activity or in connection with consumers of non-banking financial services;
nine representatives of the relevant associations of the non-banking financial services industry.
At the same time, the Group will include a representative of the National Authority for Consumer Protection, a representative from the university or academic environment, a representative of Romanian consumers in the profile groups within the European authorities, a representative from the trade unions representing employees. regulated entities in the financial market and a representative from the Romanian Auto Registry.


The objectives to be achieved by the Group are:

a) strengthening the protection of consumers of non-banking financial services;

b) evaluation of the way in which the European legislation is transposed, implemented and respected in the national legislation, respectively on the domestic non-banking financial market, in issues aimed at consumer protection - through studies, comparative analyzes, mystery shopping actions

c) prevention and identification of incorrect, unfair or fraudulent practices, unclear contractual clauses, those likely to be declared abusive, etc .;

d) improving the level of financial education of both consumers and market players and their employees, in order to promote confidence in non-banking financial products and services that comply with national and European legislation and the most advanced quality standards in the field;

e) elaboration of a common strategy in the field of consumer protection, including from the perspective of business conduct approaches;

f) cooperation and exchange of information regarding consumer protection;

g) issuing opinions and recommendations in the field of consumer protection, regarding the draft decisions and regulations of the A.S.F., the formulation of proposals to improve the regulations of the A.S.F., the way of resolving the complaints formulated against the entities in the area of ​​supervision of the A.S.F .;

h) recommendations regarding regulations or guidelines for the application of regulations;

i) joint development of specific programs and activities, a market monitoring system, support for financial inclusion and financial education;

j) conducting studies and analyzes regarding the level and needs of financial education;

k) conducting analyzes on how the correct, complete and transparent information requirements of consumers of financial services, including potential ones, are met;

l) mutual consultations on current issues related to consumer protection;

m) media coverage of legislation, best practices, measures and actions related to consumer protection;

n) organizing joint campaigns / events in the field of consumer protection.


According to the fundamental objective of the Financial Supervision Authority on consumer protection, also reflected in the A.S.F. 2021-2023, the Authority has a permanent dialogue with the professional associations of regulated entities and consumers, in order to better understand the specific problems they face and to actively participate in their solution.



About the Financial Supervisory Authority

The Financial Supervisory Authority is the national authority set up in 2013 by EGO no. 93/2012, approved by Law no. 113/2013, for the regulation and supervision of insurance markets, private pensions, as well as the capital market. ASF contributes to strengthening the integrated operating framework of the three sectors, which totals more than 10 million participants. More information can be found on www.asfromania.ro.