Acta Universitatis Danubius. Juridica, Vol 6, No 3 (2010)

Abstract

The systems through which cross-border financial transactions are being accomplished are much more complex than domestic funds transfer systems, because it involves one or more intermediate institutions, networks using different compensation from countries that have different currencies and even performed, including operations exchange. The European Community is constantly concerned about efficient cross-border payments but also about the consumer protection of these services, so as to ensure the same conditions for cross-border services, but also for national services and to stimulate cross-border investment was adopted Directive 97/5/EC of the European Parliament and of the Council of 27 January 1997 on cross-border credit transfers, repealed by Directive 2007/64/EC. Article 10 of Directive 97/5/EC established a series of minimum requirements and measures relating to cross-border credit transfers. Thus Member States shall ensure that there are adequate and effective complaints and redress procedures for the settlement of disputes between an originator and his institution or between a beneficiary and his institution in case of failure transfers. In Romania, the provisions of Directive 2007/64/EC was transposed by the adoption of Emergency Ordinance no. 113/2009 which repeals the Government Ordinance no. 6 / 2004 on cross-border transfers. This document provides that each institution must have appropriate procedures for resolving customer complaints in connection with the execution of a cross border institution or commitments in connection with such transfer. In the legal doctrine prior to the adoption of Government Ordinance no. 6 / 2004, it was proposed that the National Bank of Romania, as banking supervisory authority, in some specialized structures, ensure procedures to enforce the settlement of disputes between consumers and financial service providers of banking and insurance. The solution was acquired by the Romanian legislature, so the earlier legislation and the current legislation, the Emergency Ordinance no. 113/2009, this document proposing the establishment of a specialized department that is responsible with the resolution of disputes between consumers and financial service providers of banking and insurance. However, although in 2004 we have legislation that enables the implementation of mediation as a means of dispute settlement in the banking sector (Government Ordinance. 6 / 2004), the practical delays occur.