Supervision

Consumer Affairs and Complaints Committees

The FME provides consumers with information and council service as well as an options available to them in order to enforce their rights. Among these are the Insurance Complaints Committee and the Complaints Committee on Transactions with Financial Firms.

Consumer Affairs

The FME shall ensure that the activities of parties subject to supervision are in accordance with the laws, regulations, rules or by-laws governing such activities and in all other respect consistent with good and sound business practices. In so doing, the FME seeks to safeguard the interests of the clients of financial firms and promote a stable and credible financial market. Its operations, however, consist only to a small extent in direct contact with the general consumer.

Information and counsel for consumers

call 520 3700
Tuesdays 10-12 am
Thursdays 13-15 pm.
Alternatively send an e-mail to fyrirspurn (hjá) fme . is

 

FME does not handle individual disputes

The FME does not have power of arbitration in individual disputes and has no authority to decide on the rights and obligations of parties in this respect or in disputes concerning the burden of proof.

The FME does, however, occasionally act upon consumer complaints in order to ensure that the activities of the financial institution in question are in compliance with laws and regulations and consistent with sound and proper business practices. The consumer is informed of the FME's findings, but the main purpose of such an examination is invariably to encourage future improvements of financial operations.

The FME refers requests for examination to the Complaints Committee on Transactions with Financial Firms and the Insurance Complaints Committee if they are likely to deal with the issue.

 

Information supplied by consumers are useful for the supervision of business practices.

The FME is responsible for ensuring that the activities of parties subject to supervision are consistent with proper business practices and has the legal authority to request improvements by the supervised party in question. Such decisions are not directed towards individual disputes. Information supplied by consumers is useful to the FME in its general supervisory capacity.  

 

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