Complaints procedure

The procedure for the investigation of disputes between consumers and financial market participants


A consumer, who intends to apply to the Bank of Lithuania regarding a dispute, must at first apply to the financial market participant in writing and indicate the circumstances of the dispute and his/her demand.


Financial market participant must reply to the consumer in 15 working days from the date of consumer’s application receipt. In exceptional cases, when it is not possible to reply within 15 working days, response time may be extended to 35 working days, but the financial market participant must state the reasons for the extension and indicate the deadline by which the consumer will receive the final reply.


If the consumer received a reply that did not satisfy him/her or did not receive any reply in 15 working days, he/she has a right to apply to the Bank of Lithuania within 1 year. The consumer, who missed the indicated term for the application to the Bank of Lithuania, looses the right to apply.
Application to the Bank of Lithuania is made in writing by completing the Consumer Application Form or by submitting the original of the application that conforms to the requirements, described in the Procedure for the investigation of disputes between consumers and financial market participants.


If the received consumer’s application should be investigated at the Bank of Lithuania, the Bank of Lithuania informs the financial market participant about the consumer’s application and demands the financial market participant to submit comprehensive written explanations and the supporting evidence within the term indicated by the Bank of Lithuania.


The Bank of Lithuania mediates in the dispute to ensure that parties of the dispute reach an agreement that is satisfactory to both of them. If the parties fail to settle the dispute by reaching an agreement, the Bank of Lithuania takes a decision regarding the substance of the dispute.


After investigating the information provided by both parties of the dispute, the Bank of Lithuania takes one of the decisions, which have the nature of recommendation.

To satisfy the consumer’s demands
To satisfy the consumer’s demands in part
To reject the consumer’s demands

The decision of the Bank of Lithuania has a nature of recommendation. The consumer and the financial market participant do not loose the right to apply to court for the settlement of the dispute.