How to settle a dispute with a financial service provider?

The Bank of Lithuania reminds that consumers must submit requests for dispute resolution through the electronic dispute resolution system.

The Bank of Lithuania deals with a dispute if:

  • a client is a natural person using a certain financial service to meet personal, family, or household needs;
  • the client believes that a financial market participant has violated his, as a financial service user’s, rights or legal interests arising from contracts or related relations.

The Bank of Lithuania also provides the consumer with all the steps to do when contacting the supervisory authority:

  • Prior to applying to the Bank of Lithuania regarding the settlement of a dispute, a consumer should apply to the financial service provider in writing, specifying the circumstances of the dispute and his claim. The consumer should apply to the financial service provider no later than within three months of learning about a violation of his rights. Upon receipt of his application, the financial service provider must reply to the consumer within 15 working days.
  • If the reply from the financial service provider does not satisfy the consumer or the consumer does not receive any reply within 15 working days, he has the right to apply to the Bank of Lithuania within one year. If the consumer miss this time frame, he can no longer apply regarding the dispute.
  • Upon receipt of the consumer application, the Bank of Lithuania evaluates within five business days whether the dispute should be investigated by the Bank of Lithuania, and, after the evaluation, inform the consumer thereof within three business days.
  • After considering information provided, the Bank of Lithuania, within 90 days, takes one of the following decisions, recommendatory in nature:
  • to satisfy consumer claim;
  • to satisfy consumer claim in part;
  • to reject consumer claim.

In complicated cases, the term for settlement can be extended for another 30 days. The average duration of out-of-court consumer disputes at the Bank of Lithuania – 62 days.

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