Financial consumer protection

About us

Since January 2015, Národná banka Slovenska has been responsible for the supervision of consumer protection in Slovakia’s financial market sector – a role it assumed from the Slovak Trade Inspectorate under an amendment to Act No 747/2004 on Financial Market Supervision.

In line with its new competences, the Bank supervises the protection of financial consumers, meaning it supervises compliance with consumer rights in the offering and provision of financial services and products by entities under its supervision. These include entities that operate in Slovakia on the basis of an authorisation issued by the Bank, their registration with the Bank, or the European passport system.

The Bank provides public law protection of consumer rights – using administrative tools to protect against unfair contract terms, deceptive business practices, misleading advertising, and violations of rules in the provision of financial services to consumers.

The Bank does not resolve disputes arising from contracts between consumers and financial institutions. For such matters, clients must seek resolution through the courts or alternative dispute resolution methods such as mediation or arbitration. However, the NBS does protect consumers from unfair terms or practices by prohibiting providers from using such contractual provisions or sales techniques. It also has the authority to impose fines and other penalties.

The goal is to ensure that financial service providers do not exploit their stronger position against consumers who use their services. The Bank also acts preventively, taking action to   pre-empt supervised entities from engaging in practices that violate the rights and legally protected interests of consumers.

Since 2020, the Bank has been running a financial education programme aimed at making practical and understandable financial education accessible to the general public. Entitled ‘5peňazí’, meaning ‘5 coins’ in Slovak, the programme includes educational activities for children, adults, and vulnerable groups, and involves the participation of schools across Slovakia. It seeks to change the traditional perception of financial education as dull and formal by delivering it in an engaging, interactive, and experiential way. Its aim is to help people make better financial decisions, thus contributing to a more secure and satisfying life in Slovakia.