Mediafax (Mediafax)
Personal finance  |  October 17, 2012 10:10:05

The government approved the law secretary should avoid misleading clients


PRAGUE (MEDIAFAX) - Avoid misleading customers by using more currency exchange rates on current exchange rate, the new law on foreign exchange activities by the Ministry of Finance. In the middle of it, at its meeting approved the cabinet Petr Necas (ODS), told Reuters a source familiar with the negotiations.

The purpose of the Law is to regulate the duties of information exchange offices in a way that would be as far as possible eliminate the possibility of customer confusion. The specific objective is to adjust the exchange rate requirements or ensuring proper evidence of compliance with reporting obligations.

The current arrangement is not prohibited by promoters procedure, which involves various customer confusion "mix" courses (VIP, etc.) on the current exchange rate. This procedure does not achieve such an extent yet to fulfill signs of unfair commercial practices within the meaning of Consumer Protection Act (ZOS).

"For the customer confusion is due to the specific nature of the exchange activities - customers are foreign tourists, ignorant of the Czech language, in a foreign environment, etc. and putting more adequate courses at current exchange rate, even with the exact specification of the conditions for their application. Such conduct, it is not in conflict with professional care, the breach of which is anticipated ZOS, because it is not dishonest money changers and the standards do not exist, which could demonstrate the general principle of good faith in the need for another procedure, "the explanatory memorandum to the proposal.

Under the new law would směnárníci had to inform customers through a single exchange rate of one currency.

"Duty placing a single exchange rate, given the current exchange rate, iecourse for at least a preferred customer, prevent confusion not only customers, but also the procedure by which the person engaged in foreign exchange business attracts potential customers the most advantageous course posting on a bulletin board to inattentive customer subsequently found that this rate is achievable only under certain conditions shift. With the implementation of this variant are also not linked to any costs that the money changers were forced to spend the current situation, "he adds material to the government.

A new law would thus became independent foreign exchange legislation that is currently contained in the Foreign Exchange Act. The Act also contains some regulation of private relationships in the provision of foreign exchange services. Beyond the exchange rate is, for example, pre-contractual information duties or obligation of a document on the implementation of směnárenského trade.

The material consisted of two major observations Czech National Bank (CNB). The first concerned how to be offered conditions that are favorable for the client than the rate stated on the current exchange rate. CNB would like to prohibit any further discounts through the course, it was not to be confused with the rate on the current exchange rate, but other forms of marketing discounts would be possible. Disagree with the national Treasury.

"Information about the favorable conditions of the exchange quoted otherwise than by the exchange rate does not have a reasonable sense in practice. Information type 'when changing over ... the amount of three percent better course' is not transparent to clients and force them to complex calculations," argues Ministry. This reduction in the form of a course admits but shall not be presented in a way that would be interchangeable with the rate at current exchange rate.

The second remark is related to the requirement that a copy of the signed trade execution směnárenského operator exchange activities and gave it to the client and one copy of the document signed by the client and the operator hid her exchange activities. According to the promoters but it is an unnecessary administrative burden.

The bill was created in response to negative phenomena observed CNB. Consumer Protection Department of the Bank had received in 2011 a total of 131 complaints about currency exchange. The vast majority (124) of these complaints related to customer information. In addition, controls at 86 exchange offices, which the CNB carried out only for the first half of last year, 117 were found to breach the Exchange Act, with almost half related to information about courses and the price for the service.

Miroslav Kyncl, Jan Drahorád, drahorad@mediafax.cz

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