Estonia's Financial Supervision Authority reports 374 complaints in 2024 and flags a one-third rise in suspected fraud reports

Estonia's Financial Supervision Authority (Finantsinspektsioon) published its overview of consumer complaints about financial services, recording 374 complaints in 2024, down from 389 in 2023. Most complaints related to payment and credit services, and the authority said it uses complaint trends to inform supervisory planning and, where needed, to address market practices through guidance. Suspected fraud featured more prominently in complaints about payment and credit services than in previous years, with 35 notifications of possible fraud, around one-third more than a year earlier. Other recurring issues included the level of service fees, payment processing, account closures, service terms, and offers and adverts. The authority also pointed to its updated advisory guideline on processing client complaints from autumn 2024, which directs supervised firms to handle complaints transparently, effectively and systematically. The release reiterated that customers should first raise concerns directly with their financial service provider, preferably in writing, and approach the authority if the provider cannot resolve the issue or provide an adequate explanation. While Finantsinspektsioon can make supervisory enquiries to seek explanations and test legal compliance, it does not have the power to adjudicate individual consumer disputes, and repeated its long-standing call for a financial ombudsman, noting it has initiated legislation to establish one.