Exchange offices continue to deceive clients in CR

published:

updated:
18.08.2014 14:13

Prague - Exchange offices in the Czech Republic continue to use illegal practices and provide misleading information, and as of today the Czech National Bank (CNB) received 135 complaints about their services, the CNB said today.

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Člen bankovní rady České národní banky (ČNB) Jiří Rusnok (vpravo) a pražský primátor Tomáš Hudeček informovali 18. srpna v Praze o činnosti směnáren. Podle Rusnoka stále více používají nezákonné praktiky a poskytují klamavé nebo zavádějící informace. ČNB přijala letos zatím 135 stížností na činnost směnáren, za celý rok 2013 jich řešila 218. ČTK Vondrouš Roman

Last year, the CNB was dealing with 218 complaints.

It gave the highest fines to exchange offices, especially in Prague, for serious shortcomings in informing their clients about exchange rates and fees. The rate of offices with sanctions was well above 50 percent in the capital city.

To cope with the situation, the CNB raises the number of checks, supports self-regulating efforts of exchange offices and helps boost financial literacy, said CNB Bank Board member Jiri Rusnok.

The share of exchange offices using illegal practices is in units of percent, according to Rusnok.

"We are ready to cooperate with the CNB and take all reasonable measures, and are also considering our own activities, for instance, mobile applications and other possibilities of providing clients with greater certainty and guarantee of fair services of exchange offices," said Prague mayor Tomas Hudecek.

A new amendment to the law on exchange services, which took effect last November, aimed at improving the client protection.

The CNB levied fines of Kc916,000 on exchange offices last year, down from Kc1.654m in 2012, on top of remedial measures that the offices have to take to remove the shortcomings.

Clients have to turn to courts with compensation claims, however, as the CNB has no power to decide on compensation.

The mobile application Ceske penize (Czech Money) comprises the CNB´s rules for successful exchange transactions, exchange rates declared by the CNB and a calculator.

Written by:
www.ctk.cz

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