Principal regulatory and legal remedies available to customers

Complaints

In the event of a dispute between a customer and the bank, the customer can send a complaint to the bank. Complaints are handled in accordance with applicable rules of procedure of the bank. A complaint can be submitted by various means, e.g. e-mail, letter, telephone or a meeting. Complaints can also be submitted electronically through the bank's website.

Customers' Ombudsman

Customers can contact the ombudsman if they believe they have been unfavourably treated in dealings with the bank and they believe they have not received a fair resolution of their affairs. The role of the ombudsman is to conduct an objective investigation and seek a fair resolution.

The Complaints Committee on Transactions with Financial Firms

Customers can refer their dispute to the Complaints Committee on Transactions with Financial Firms:

The Complaints Committee on Transactions with Financial Firms
Sudurlandsbraut 32
108 Reykjavik
Tel: +354 525 2700
Fax: +354 525 2727
E-mail: urskfjar@fme.is

An Appeals Form needs to be filled out and submitted or sent by mail to the Financial Supervisory Authority to request a ruling from the committee. The Appeals Form can also be obtained on the website or at the office of the Financial Supervisory Authority. Further information on the Committee, the appeals fee, information on who can turn to the Committee, etc. is available on the Financial Supervisory Authority's website, fme.is.

The Financial Supervisory Authority's Consumer Service

The Financial Supervisory Authority operates an information and guidance service for customers of parties subject to supervision. For further information on the Financial Supervisory Authority's Consumer Service, see fme.is.

The Consumer Agency

The Consumer Agency is a government agency which is entrusted with the enforcement of various acts of law relating to consumer protection. The Consumer Agency's website includes information on the circumstances and manner in which consumers can approach the Agency for assistance if they believe their rights have been violated. See neytendastofa.is.

Courts of Law

Parties can refer their disputes to the courts of law given that the dispute has not been exempted from the jurisdiction of courts of law by laws or contracts.

The Depositors' and Investors' Guarantee Fund

Reference is made to the Depositors' and Investors' Guarantee Fund, which operates in accordance with Act No. 98/1999 on Deposit Guarantees and an Investor-Compensation Scheme. The objective of the act is to guarantee a minimum level of protection to depositors in commercial banks and savings banks, and to customers of companies engaging in securities trading pursuant to law, in the event of difficulties of a given company in meeting its obligations to its customers according to the provisions of the Act. See further the applicable legislation and further information on the Fund, disbursements etc. at tryggingarsjodur.is.

Last updated on 16 November 2010

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