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Banking Ombudsman (Ombudsman Bancario)

The Banking Ombudsman, is an association that offers different ways to address and resolve the issues between the banking and financial intermediaries and their clients by providing multiple types of services to resolve disputes without action being taken in court. This includes conciliation, ombudsman and arbitration.

Ombudsman

It is an alternative court where customers can turn to resolve disputes with free banks and financial intermediaries after lodging a complaint directly with the bank or financial intermediary. If compensation is required, the matter falls within the jurisdiction of the Ombudsman if the amount claimed does not exceed € 100,000.00. Pursing a complaint through the ombudsman is a free service.

Conciliation

It is a way to resolve a dispute using an independent third party (the conciliator). The task of the conciliator is to come to a satisfactory agreement suitable for both parties (the consumer and the financial institution). The conciliator is an expert but is not a judge and therefore does not comment on whether parties are wrong or right. Conciliation is governed by law (ie when performed by registered conciliation bodies such as this) the agreement can be approved by the Court and become enforceable. In other words, in case of breach of the agreement reached, there is opportunity to pursue through the courts to enforce the agreement.

Arbitration

The arbitration procedure can be used to resolve a dispute with the assistance of an expert, the arbitrator. The Arbitratior is entrusted with the task of judging. Although this is not a court procedure, both parties agree to submit the dispute and recognise the Arbitrator has the power to decide who is wrong or right.

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