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Twice the number of disputes settled by SAL-Fin in the first semester

Bucharest, August 20th, 2020 – SAL-Fin (The Alternative Non-Banking Financial Dispute Resolution Entity within the Financial Supervisory Authority) settled, in the first half of this year, 237 disputes between consumers and entities on the non-banking financial market, twice the value of the same period of last year.

In the first six months of 2020, SAL-Fin received for analysis 584 applications, the number of applications exceeding the total number of applications registered throughout 2019, respectively 521 applications.

The statistical analysis of these data indicates that, for 90% of the requests submitted for settlement, consumers chose the procedure of imposing a solution, and for 99% of the conciliations they opted for online settlement.

The two alternative dispute resolution procedures are:

  • •    The procedure for settlement by proposing a solution - the settlement of a dispute under the supervision and guidance of a conciliator within SAL-Fin, which arises as a result of his proposals, suggestions and concessions to which the parties agree in order to resolve the dispute within SAL- Fin. During the reference period, a number of 24 disputes were settled through this type of procedure.
  • •    The procedure for the alternative settlement of disputes by imposing a solution, within SAL-Fin, implies the enforcement of a judgement, which, if not challenged within 15 calendar days from the date of communication, is legally enforceable. During the reference period, a number of 213 disputes were settled through this type of procedure.

“The usefulness of the existence of an alternative dispute resolution entity for the areas supervised/regulated by the Financial Supervisory Authority, respectively SAL-Fin, is supported, first of all, by the solid and constant increase of the number of settled disputes, respectively their doubling from one year to the other, as shown by the yearly statistics.

            A second and equally important element is ensuring high satisfaction for consumers, who managed, more than 90%, to solve their disputes in a shorter time and at no cost. The consumer has been given a decision which has often resulted in the payment of the due compensation.

            These aspects represented a strong argument for the organizational and functional consolidation of SAL-Fin, but also for the strengthening of the files’ processing capacity, by creating a structure dedicated to the analysis and technical support related to the development of alternative settlement procedures. This approach is all the more necessary given the considerable potential for development of this field, as well as the size of the markets for which it is intended, which include millions of consumers”, said Mr. Nicu Marcu, the president of the Financial Supervisory Authority.

Most of the disputes registered by SAL-Fin, during the reporting period, respectively 97% of the total, are related to the Motor Vehicle Liability (Ro. RCA) market. At the same time, approximately 2% of litigations are in the field of general insurance, and 1% refer to optional CASCO insurance.

The development of SAL-Fin capacity comes to support both consumers, by increasing the capacity of files’ processing, and traders, who thus have at hand an efficient way to solve possible disputes with customers.

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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.

 

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About SAL-Fin 

SAL-Fin organizes the out-of-court settlement of non-banking financial disputes, domestic or cross-border, in consumption, with the help of conciliators with professional training and certified skills in the fields of the non-banking financial market. The conciliators propose or impose a way ofesolving disputes in a balanced, impartial, independent and free manner for consumers. More information can be found on www.salfin.ro.