Eleven banks penalized for violation of user protection regulations in the first half of 2018

The National Bank of Serbia (NBS) issued 15 fines against 11 banks in Serbia due to the violation of regulations of protection of users of financial services in the first six months of the current year.

As the NBS told Tanjug, the fines were issued in line with the Law on Payment Services and the Law on Protection of Users of Financial Services, due to the determined irregularities and dishonest business practices and unjust contract stipulations.

The central bank adds that the fines, defined by the said regulations, range from RSD 50,000 to RSD 800,000 and from RSD 80,000 to 1,000,000, and that those for dishonest business practices and unjust contract stipulations range from RSD 200,000 to RSD 2,000,000.

In the period from January 1 till June 30, 2018, the NBS adopted a total of 22 decisions ordering banks to address irregularities.

The decisions are usually made in procedures initiated at users' complaints. Two decisions pertain to dishonest business practices and one pertains to unjust contract stipulations.

– The decisions encompasses 12 banks and mostly pertain to irregularities in implementing certain stipulations of the Law on Payment Services and the Law on Protection of Users of Financial Services – the NBS explains.

Narodna banka Srbije Beograd

National Bank of Serbia

protection of financial institutions

Law on Payment Services

Law on Protection of Users of Financial Services