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Business Ethics in Financial Sector: Case of Romania

Monica Achim and Sorin-Nicolae Borlea ()

International Journal of Academic Research in Business and Social Sciences, 2014, vol. 4, issue 2, 146-161

Abstract: In this paper we intend to bring to readers' attention the need for financial education and best practices in the financial sector, their forms of expression and final implications on consumers’ satisfaction of financial products and services with a special focus on the Romanian space. In order to assess the level of business ethics in Romania we analyzed the number of complaints and litigation in financial sector in Romania during the period 2009-2013, making comparisons by time, space and types of banks providing the service. Thus, we used the information provided by the National Consumer Protection Authority (NCPA) and Romanian Ministry of Justice. Our study’s results highlight the continuous concerns of Romanian financial institutions to adopt the best practices in relation to consumer, compared to the European average. However, the percentage of complaints regarding the financial products and services from the total and the number of litigation on the issue of the banks’ abusive clauses is alarming. In this regard we note the active involvement of NCPA in protecting consumers’ rights of financial products and services, including the amendment of the Law No.193/2000 on unfair terms in contracts concluded between professionals and consumers, which has brought since 1st of February 2014 extra financial protection for consumers.

Keywords: Financial Education; Best Practices; Complains; Litigation; Abusive Clauses; Financial Product and Services (search for similar items in EconPapers)
JEL-codes: G21 G28 M31 M38 (search for similar items in EconPapers)
Date: 2014
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Handle: RePEc:hur:ijarbs:v:4:y:2014:i:2:p:146-161