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Advice on banking and insurance

In Finland, compulsory insurance includes motor vehicle insurance. Other insurance arrangements, such as all risk insurance or home insurance, are optional for the consumer.  An insurance company must issue you with compulsory insurance but not necessarily optional insurance.

The insurance company may change the premiums and terms and conditions of your insurance when the contract period alters. It must notify the changes when it presents its invoice. 

You have up to a year to inform the insurance company about any loss or damage.  Note that the insurance company may replace damaged goods with new ones.

You may contact FINE the Finnish Financial Ombudsman Bureau if you are dissatisfied with the replacement or compensation you receive from the insurance company. FINE will also provide advice if you have any questions about compensation for loss or damage, the amount of compensation provided, compensation procedures, and periods of validity of contracts and their expiry. This service is free of charge.

You have a right to open a current account in all banks in EU countries  

The banks in all EU countries must open a current account for you to enable you to manage your banking affairs. You should also receive a payment card and any online banking services. Banks may charge a reasonable annual fee for use of the account.

Banks may only refuse to open an account if you are suspected of money laundering or financing terrorism. Furthermore, banks in some EU countries may refuse to open an account if you have the same sort of account with another bank in the country concerned.

Banks are free to decide whether or not to grant you a loan. They can also decide whether to arrange an overdraft facility for you or grant you credit.

You can contact FINE if you are dissatisfied with a bank or securities or investment service provider.  You can also ask FINE about using a bank account, payments, misuse of a payment card, mortgages, inheritance, changes to the terms and conditions of a contract, or the quality of advice on investment.

Additional information on insurance, banking and securities is available from the FINE website. 


    Text edited by: Suomi.fi editorial team
    In collaboration with: FINE the Finnish Financial Ombudsman Bureau
    Updated: 7/18/2019