Legal Status of the Financial Ombudsman in the European Union – Risks and Challenges

Abstract

This contribution deals with the protection of consumer rights which must be clear and certain. At the same time, it is not possible to protect the important interests of the stability of the financial market and its actors and, at the same time, to protect those who use the services of these actors. After all, the interests of the parties in a contract are not entirely compatible, the client wants to receive the lowest possible price of capital and the borrower the highest possible price. A body that will protect one party will not be independent with regard to the other interest being protected. The idea of all the Financial Ombudsmen created after 2008 is precisely that of protecting one party, the consumer/customer, who, in his or her own way, is the guarantor of the banks' liquidity security. This idea prevails where the consumer of financial services is effectively protected. The Ombudsman is, in a way, a consequence, but also a guarantor of financial stability and the financing system, and not speculation on consumers.