The Mediation Service : what can it do ?

The Mediation Service Banks - Credit - Investments is headed by an Ombudsman, who, as an impartial mediator, can help you in settling a dispute with your bank, stockbroking firm, portfolio manager, investment adviser or credit company.

The Ombudsman will give an advice concerning the dispute for which he has been asked to mediate. This advice is not binding. If you do not agree with the terms of the advice, you still have the right to pursue the matter through the court.

Who can appeal to the Mediation Service ?

Only natural persons having complaints about their private interests, can appeal to the Conciliation Service.

Legal persons can appeal to the Mediation Service Banks - Credit - Investments only for those cases in which a complaint is lodged with respect to a cross-border payment for a maximum amount of
12,500 EUR.

• What are the conditions for submitting a problem to the Conciliation Service ?

  The Mediation Service will act as a mediator only when you have first submitted your problem, in writing, to the conciliation service of the financial institution concerned and no solution has been reached within a reasonably acceptable period of time.
  
  The Mediation Service cannot deal with a dispute:
  concerning the commercial strategy of the financial institution;
  which has been referred to a court;
  for which a court verdict has already been given.
  
  Neither does the Mediation Service answer requests for general information.

• What to do if you have a complaint ?

  When the problem cannot be settled between you and your institution, you can appeal to the Mediation Service by sending a written request. In that case, you should inform the Service of the matter clearly and accurately. In addition, you should enclose with your letter a copy of the full relevant correspondence between you and your institution as well as a copy of the documents which are needed or can be useful (e.g. statements of account, credit agreement, bordereau, etc.).

• What will the Conciliation Service do ?

  The Mediation Service will acknowledge receipt of your letter and, if necessary, ask you for additional information. All of the correspondence is done in writing. The Mediation Service may ask the advice of the Arbitrators’ Board*. In that case, you will be informed by the Service.
  
  A careful examination takes time. Depending on the nature of the problem, this may take any time between a couple of days and several months.
  You will be informed of the reasoned advice through a letter from the Mediation Service.
  
  * The Arbitrators’ Board consists of experts in the field of consumer law and financial law.

• Basic banking service

  The Law of 24 March, 2003 introducing a basic banking service came into effect on September 1, 2003.
  
  According to this law, any natural person living in Belgium has the right to open an account, to withdraw money from it and to make transfers and deposits. This law introduces an extrajudicial procedure for dealing with complaints in order to settle disputes which may arise between a consumer and a credit institution.
  The Mediation Service Banks - Credit - Investments will give priority to dealing with the complaint and will give an advice which is binding for the credit institution in case of a dispute.

• Does one have to pay for mediation by the Conciliation Service ?

  There are no charges for appealing to the Service. Legal persons appealing to the Mediation Service in order to settle a cross-border dispute, will be charged 50 EUR, this sum being refunded if the case is won.