Reviewing Consumer Protection in the Banking Sector in Albania: A Consolidated European Approach or a Piecemeal Solution?

Abstract

The article is focused on several legal and institutional aspects of consumer protection particularly in the banking and financial sector in Albania, examining particular legal definitions in this field, the related banking and financial activities as defined in the banking legislation and the consumer protection models applied in the activities carried out by banks, including information on the institutional set up of agencies involved in the prevention and resolution of conflicts of interests concerning consumers. It is important to recognise that the article provides information on both the Albanian and European approach, including extended information on concepts of consumer, banking activities that are covered by such particular consumer protection provisions, as well as issues related to the powers and legal standing of institutions involved in the protection established by such legal framework. It also analyses the role of central government in consumer protection and its importance to promote legislative policy, oversee the implementation of legislation and oversee the work of the various government agencies in this particular field. All things considered then it delves into enforcement issues that may frequently surface, especially where government responsibility for consumer protection is spread between a number of different institutions, in a pattern which tends to change with the complex issues and legislation at stake.