Complaint may be filed to the Financial Supervision Commission in the following ways:

– online here;

– using the sample given below and sending it per e-mail: delovodstvo@fsc.bg;

– sending the complaint per poste to the address below:

Financial Supervision Commission
Budapeshta str.16
1000 Sofia

– personally submitting it at the registry in the FSC head office

Motives of the complaint:
In case you have any problems with your insurance, investment in financial instruments (e.g. shares, bonds, units in investment funds, various derivative instruments including contracts for differences), or with your investment in pension funds, and if you consider that your consumer rights are infringed.

More information about the steps you may take, in order to defend your rights, could be seen below:

1. As a first step, refer in writing to the company whose financial products or services you have been using, thus which cause concerns.

Opinion expressed by a company officer either in personal conversation, or per telephone, does not always reflect the position of the company management. That’s why it would be better to address your complaint in writing to the board manager, executive manager, or any other representative of the management describing your case in details. Afterwards, you should receive a written reply.

Companies often propose solution of the arisen problem, but even if they dismiss your complaint as unfounded, you should receive their official statement. Thus, become carefully acquainted with its content and try to analyze it. So you will be able to appreciate whether the decision made in connection with the respective case is a right one, i.e. to decide whether to take any further action.

2. Ask the FSC for its support in case where you are not satisfied with the company statement and you are of the opinion that it does not offer any adequate solution of the problem.

In the course of the investigation of your case the FSC has to state whether the respective company has acted in accordance with the legal requirements, thus it takes the respective administrative measures in case of infringement. You have to take into account that the FSC disposes of definite power set in the legislation, so it may not take such actions which are not encompassed by its legal competences. The Commission shall make an investigation after every signal or complaint sent by you. In case of violation of the legal and sub-legislative prescriptions stated, the FSC, if it is competent authority, shall impose administrative sanctions.

For instance, if insurer refuses to pay you compensation in case of occurrence of insured event, and when subsequently you submit a complaint to the FSC, the latter should take actions, in order to open an investigation. If you are not content with the amount of the compensation paid or the compensation payment has been rejected, and in case you are natural person, you are authorized to turn to the board of arbitration at the Commission for Consumer Protection for extrajudicial settlement, after you have submitted complaint to the insurer, or to turn to the court for resolving your dispute.

3. If there is any contestation on hand, or a controversy about provision of services in the area of general insurance, insurance intermediation, supplementary social insurance, the activities related to social insurance intermediation including providing financial services from distance in all sectors in question, as well as services provided by persons performing activities in accordance with Art. 5, Par. 2 and 3 of the Markets in Financial Instruments Act and Art. 86, Par. 1 and 2 the Collective Investment Schemes and Undertakings for Collective Investments Act including when providing financial services from distance in all these sectors, you may turn to some of the sectoral arbitration committees at the Commission for Consumer Protection.
More information about the arbitration proceedings you could find in both sections “Consumers” and “Arbitration proceedings”.
You may also try to defend your rights at the civil court according to the rules and prescriptions of the Code of Civil Procedure. The civil court is the authority which shall appreciate in an undisputed manner the extent to which your demands are justified, whereas motivating its appreciation in a respective judicial act (judgement). The judgement in question shall be binding not only upon the court and the parties, but upon all courts, institutions and municipalities in the Republic of Bulgaria (Art.297 of the Code of Civil Procedure).

4. How does the Financial Supervision Commission act when receiving complaints

– As a first step, an assessment has to be made whether the information and the documents attached to your complaint are enough for carrying out the investigation. In case of necessity, we may ask you for additional information.

– In respect to the composition of answer to your complaint, we do require from each respective supervised person to place at our disposal explanations and documents in connection with its arguments exposed in the complaint.

– The supervised person has to respond in the terms set giving its explanation and providing all data and documents in relation to the case.

– Basing on the information received, an analysis of the concrete case should be made.

– In case where a violence of legal requirements or an administrative offence has been stated, the Commission takes respective measures, thus we inform in writing the complainant about the investigation results and the administrative offences stated.

5. How can you submit your complaint to the FSC?

Write up your complaint explaining your problem in details and found your demand. Enclose the respective documents which you dispose of, for instance, if you have any problem with your insurance contract, please send a copy of your insurance policy and copies of your correspondence with the insurer. In case you have any problem with services provided by investment intermediary or your pension insurance company, you could send a copy of the contract concluded and of the correspondence shared with the companies.

Send only copies of documents and keep the originals safe by you.

In the complaint you must indicate your name, address, as well as telephone and e-mail, if you consider it necessary. If you submit it by a proxy, you should attach also the respective power of attorney.