About us

With effect from January 2015, Národná banka Slovenska has taken over the financial market supervision agenda from the Slovak Trade Inspection. The transfer of this competence was necessitated by a recent amendment to Act No 747/2004 Coll. on supervision of the financial market and amending certain laws.

With its new competence, Národná banka Slovenska is responsible for the protection of financial consumers, i.e. for supervising whether the rights of consumers are respected when they are offered or provided financial services or products by entities subject to NBS supervision. This means that supervision is exercised over the activities of entities which are duly authorised and registered by Národná banka Slovenska or which provide financial services in the territory of Slovakia on the basis of a single European passport.  Within its competence, Národná banka Slovenska ensures protection for financial consumers under public law, i.e. administrative protection against unfair contractual terms and conditions, fraudulent business practices, misleading advertising, and violation of the rules governing the provision of financial services in to consumers.

Národná banka Slovenska has no authority to decide in disputes arising from  contracts made between consumers and financial institutions. Such disputes are to be settled in court or in an alternative manner, i.e. mediation or arbitration. Národná banka Slovenska protects consumers against  financial institutions offering their products or services using unfair terms or using fraudulent business practices by prohibiting such institutions from using such terms or business practices. NBS has the power to impose fines and/or other sanctions, too. The goal of NBS is to prevent financial service providers from misusing their strong market position in relation to consumers who use their services. Národná banka Slovenska is also entitled to take  preventive steps and prohibit financial institutions falling within its supervisory competence from performing activities that violate the rights and protected interests of consumers.