The Financial Supervisory Authority and InfoCons announce a partnership for financial education of consumers of non-bank financial products and services

Bucharest, 14 March 2025 – The Financial Supervisory Authority (ASF) and InfoCons - European Organization for Consumer Protection have signed today a cooperation protocol for the development of educational projects and programs, as well as actions with educational purposes. The two institutions are marking World Consumer Rights Day, celebrated every year on 15 March.

The role of this partnership is to increase the level of financial literacy in Romania, to raise awareness and inform the population about the rights, obligations and risks associated with non-bank financial products and services, and to improve financial inclusion.

"The signing of this protocol is an important step towards financial education of consumers, providing them with the necessary tools to better understand the mechanisms of the non-bank financial market and the characteristics of specific products in the capital market, private pensions and insurance. Through this collaboration, we aim to contribute to raising the level of financial education among the population, so that they are able to make informed and safe financial decisions", said Gabriel-Ioan Avramescu, the ASF First Vice President.

According to the provisions of the protocol, specialists from ASF and InfoCons will be involved in carrying out actions to identify best practices and solutions for the protection of consumers of non-banking financial services.

"It is very important for every consumer to be protected, to be properly informed and to know how to choose the financial products and services that are right for them, taking into account both the benefits and the costs and risks associated with them. By partnering with ASF, we want to contribute to increasing transparency and consumer protection, promoting a safer and fairer financial environment for all", said Sorin Mierlea, President of InfoCons.

The main joint actions of the two institutions will focus on:

• promotion and implementation of joint programs, projects and campaigns with educational purposes, with a view to increasing the level of financial education among consumers;
• organization of educational events in partnership (seminars, symposia, conferences, round tables, etc.);
• developing information materials to support joint financial education activities.

The joint actions of the two institutions will also aim to promote alternative dispute resolution between consumers and providers of non-bank financial products and services through SAL-Fin.

SAL-Fin, a structure created within the Financial Supervisory Authority, to which consumers can turn to free of charge, is the only alternative dispute resolution (ADR) entity in Romania that meets the conditions set out in Government Ordinance no. 38/2015 and Directive 2013/11/EU on ADR.

Another tool to help consumers is the European InfoCons App, where a dictionary of non-bank financial terminology is available free of charge.