Description
The financial services and insurance market is where consumers must have an understanding of economy and law. Signing a contract may mean years of hard consequences for the entire household. Small print, convoluted language, unfair sales people, unclear or complicated process of enforcing claims add to the complexity of the situation. Not all consumers analyse their contracts, assess their own needs and capacity and some do not even read their contracts at all. If a contract contains unlawful clauses consumers may remain aware. This project seeks to eradicate unlawful clauses in contracts and to inform consumers about effective assessment of offers and making balanced informed decisions based on the consumers' own needs and capacities. The project targets all consumers in the financial services and insurance market.
Summary of project results
"The market for financial and insurance services requires economic and legal knowledge on the part of consumers. The consequences of concluded agreements can be felt for years and can affect the whole household. The situation is still more complicated because of small print, unclear language used, unreliable agents, unclear or complicated procedures for pursuing claims. Not all consumers analyse agreements that they sign, nor they properly evaluate their needs and capabilities, and often they even don't read the agreements at all. They often even fail to realise that the agreement contains unlawful clauses. The aim of the project was to eliminate unlawful clauses from agreements and to supply consumers with the knowledge on how to evaluate offers and take well-balanced, thoughtful decisions taking into account their needs and capabilities. The analyses of cases conducted under the project by the Consumer Federation helps in its everyday advisory work and is useful during social consultations of amendments to acts of law concerning the financial market. Under the project, experts of the Consumer Federation conducted quantitative analyses of over 700 complaints from consumers filed with the Consumer Federation all over Poland. The complaints analysed concerned consumer loans, payday loans, saving insurance policies and mortgages. In 30 cases, the lawyers from the CF examined the whole history of the cases, from filing the complaints to their resolution, as to the effectiveness of pursuing claims and enforcing rights using different methods. Also individual cases in the field of financial services were conducted according to principles of amicable pursuing consumer claims recommended by EU: effectiveness, proportionality and subsidiarity. The Consumer Federation also broadened its information section ""My finances"", presenting articles written in an intelligible way, though concerning complicated problems. The project benefited all consumers using financial and insurance services."
Summary of bilateral results