New public entity to protect customers in the financial sector in Poland

Today, Polish parliament’s lower house, the Sejm, passed the Act on treatment of complaints by institutions in financial sector (text in Polish: ISAP). The new Act covers provisions concerning the handling of customer complaints filed to the financial institution (e.g. banks, insurance undertakings) and related to the services provided by the respective institution. Within institutional protection of customers’ rights new public body will be established – the Financial Ombudsman. It shall replace the public office of the Insurance Ombudsman, that was active between 1996-2015. Its statutory responsibilities were limited to the insurance sector. According to the Act specific out-of-court schemes shall be available for the first time under national law for dispute settlement in cases related to the services of financial sector.

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