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Welcome to the website of the Financial Arbitration Board

Funds sector

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Cases affecting all organisational forms of the funds sector were taken to the Board. These cases related to disputes with voluntary pension funds, voluntary health funds and private pension funds.

On the whole, it can be stated that, similarly to the previous years, the number of petitions received by the Board in respect of funds is negligible. The vast majority of petitions received related to pension funds; only a few petitions related to health funds.

As regards the voluntary pension funds cases mostly concerned the yield payment, contribution payment, mandatory waiting period and succession. Disputes between the parties related to private pension funds arose in respect of the payment of the lump sum pension benefit and annuity benefit. As a result of the legislative changes, the benefits could not be paid due to reasons beyond the financial service providers' control. In such cases the practical resolution of the dispute between the parties was represented by the transfer of the consumer to the social insurance retirement scheme, subject to the payment of the real yield; financial service providers were helpful in all cases and cooperated with petitioners.

In the only case related to health funds in which a hearing was held, the petitioner turned to the Board with a settlement issue resulting from the merger of his previous fund.

Due to the low number of petitions related to the funds market, it would be difficult to draw general conclusions with regard to the soundness of petitioners' complaints; however, it can be stated that petitioners withdrew their petitions on several occasions as during the procedure both parties declared their intention to find a solution for the problems through consultation with each other.