The Hellenic Financial Ombudsman (HFO) celebrated 25 years of operation this year and is now presenting its expanded scope of action to strengthen consumer and business protection.
Recognised as a self-regulatory institution in the financial sector, the HFO monitors the constantly evolving financial environment and represents Greece in Financial Ombudsman Networks both at the European (FIN-NET) and international (INFO Network) levels.
The HFO examines complaints from individuals and small businesses free of charge, covering a wide range of disputes relating to their daily transactions with financial service providers (Credit Institutions, Investment Services Companies and Mutual Fund Management Companies).
Today, the HFO, adopting the recommendations of a third independent consultant and in accordance with the best European practices, is expanding its jurisdiction to companies with a turnover of up to €3 million. At the same time, it enables more financial service providers, such as payment service providers, credit servicing firms, factoring companies, leasing companies, etc., to participate in its processes.
With this new approach, the HFO is further pioneering the amicable resolution of disputes, taking another step towards strengthening meaningful cooperation between consumers, businesses and financial service providers at all stages, including dispute resolution.
As part of its substantive modernisation, the HFO is also expanding its work to support dispute resolution through Mediation under Law 4640/2019, providing targeted services and actions (e.g. specialised training for mediators). Mediation helps to reduce the burden on the courts and strengthens the competitiveness of the national economy by restoring normality to the relationship between the parties involved and maintaining their transactional relationship.
The modernisation of the HFO’s work is also reflected in its communication methods, with the widespread digitisation of its processes enabling online complaints and electronic interconnection with providers, while ensuring strict adherence to personal data protection.
