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

Enik Pogace, Deputy Director, Bank of Albania, Albania

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.

Enik Pogace currently works as Deputy Director of the Foreign Relations Department at the Bank of Albania. He was formerly a legal expert at the Bank where he embarked on a wide array of legal issues related to banking, payment systems as well as prevention of money laundering and terrorist financing. Mr. Pogace began his career working for international organisations i.e. UNDP, IOM and then in the International Relations Department of the Ministry of Justice. Prior to joining the Bank he worked at a European Commission programme on justice reform in Albania. He has carried out academic studies at the Universities of Georgetown, Freiburg and Marmara as well as postgraduate legal research at the University of London. Mr. Pogace’s recent work and research has been particularly focused on the approximation of banking legislation to the EU acquis.

The Bank of Albania is the central bank of Albania. The economical-political and social developments since the establishment and so far, have enriched the functions carried out by the Bank of Albania (they have augmented and enlarged the functions of the Bank of Albania). The Bank of Albania, within the competences defined by the Law, is independent of any other power for the accomplishment of its main objective and in exercising the tasks assigned