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Business Ethics in Financial Sector: Case of Romania

Author

Listed:
  • Monica-Violeta Achim
  • Sorin-Nicolae Borlea

Abstract

In this paper we intend to bring to readers' attention the need for financial education and best practices in the financial sector, their forms of expression and final implications on consumers’ satisfaction of financial products and services with a special focus on the Romanian space. In order to assess the level of business ethics in Romania we analyzed the number of complaints and litigation in financial sector in Romania during the period 2009-2013, making comparisons by time, space and types of banks providing the service. Thus, we used the information provided by the National Consumer Protection Authority (NCPA) and Romanian Ministry of Justice. Our study’s results highlight the continuous concerns of Romanian financial institutions to adopt the best practices in relation to consumer, compared to the European average. However, the percentage of complaints regarding the financial products and services from the total and the number of litigation on the issue of the banks’ abusive clauses is alarming. In this regard we note the active involvement of NCPA in protecting consumers’ rights of financial products and services, including the amendment of the Law No.193/2000 on unfair terms in contracts concluded between professionals and consumers, which has brought since 1st of February 2014 extra financial protection for consumers.

Suggested Citation

  • Monica-Violeta Achim & Sorin-Nicolae Borlea, 2014. "Business Ethics in Financial Sector: Case of Romania," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 4(2), pages 146-161, February.
  • Handle: RePEc:hur:ijarbs:v:4:y:2014:i:2:p:146-161
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    More about this item

    Keywords

    Financial Education; Best Practices; Complains; Litigation; Abusive Clauses; Financial Product and Services;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing
    • M38 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Government Policy and Regulation

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