The Competition Authority has further deepened its investigation into the provision of bank loans. Through an official announcement, the Authority has called on citizens to send information to this institution about their experiences.
"The Competition Authority invites every borrower at second-tier banks to contribute information on how they selected the company where they took out life insurance for the loans they received during the years 2021 - 2025," the official announcement states.
The Competition Authority announces that it is in an advanced stage of an in-depth investigation into the practices of second-tier banks in the life insurance market linked to loans. According to it, the main goal of this investigation is to strengthen competition through the existence of a free and competitive market, where borrowers have the opportunity to freely choose the best offer.
"The investigation covers the period from 07.11.2021 to 26.03.2025 and aims to verify the circumstances under which borrowers obtained life insurance for their loans during this period," the announcement continues.
As part of this process, the Competition Authority invites every borrower who has received a loan and paid in connection with life insurance for the loan, to voluntarily provide information and evidence on their experience.
According to the notice, borrowers are specifically required to inform the Authority of any case where:
-they have not been given the opportunity to freely choose their life insurance company, or;
-they assess that there were obstacles or obligations imposed by banks regarding this choice.
"The contribution of citizens is of particular importance to enable a full, fair and transparent investigation in defense of free and fair competition in the market," concludes the Competition Authority's announcement.
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