AKEL denounces the Ministry of Consumer Protection to the European Commission

 

10 July 2024, ‘Astra’ radio

AKEL is proceeding to file a complaint against the Consumer Protection Service to the European Commission as it has refused to investigate a consumer’s complaint about overcharges imposed by a commercial bank on his loan, AKEL MEP Giorgos Georgiou told ‘Astra’ radio.

The citizen in question, complained that while he went to the bank to repay his loan long before it was terminated, he was fined €7,300.

The AKEL MEP pointed out that legislation 112 of 2021 enables the Consumer Protection Agency to conduct an investigation and impose fines of millions of euros in the event that violations of European legislation are found in case abusive clauses are detected, but the Agency didn’t do so.

G.Georgiou also stressed that they will also proceed to denounce the abusive behaviour of the banks as well as the Republic’s non-compliance with EU Directive 9313 on the protection of borrowers against unfair clauses and the arbitrary behaviour of the banks.

The AKEL MEP noted that European Commissioner Raiders has already sent three letters warning Cyprus for its non-compliance with the EU directive on the right of recourse to justice and the suspension of a foreclosure in case of the detection of abusive clauses and now all that remains, he explained, is for the Republic of Cyprus to be taken to court.