On Tuesday morning, our colleagues from RTL Radio discussed the topic of consumer protection with the president of the Luxembourg Consumer Protection Association (ULC), Nico Hoffmann.

Commenting on recent reports of account closures by ING, Hoffmann highlighted the "unfortunate" reality that banks are not obligated to provide justification when closing accounts, as stipulated in their terms and conditions. Clients are presented with a fait accompli, Hoffmann lamented.

Hoffmann explained that affected clients often have no choice but to switch to another bank, which can be challenging. Some banks have even reportedly refused to accept such clients, exacerbating the situation.

Calling on the government to intervene, Hoffmann emphasised the need for legislation to prevent such occurrences in the future: "It is high time that political leaders finally take responsibility and enact laws in the interest of clients, of consumers, to ensure that this doesn't happen again. You really start to wonder what worth an ordinary consumer even has to a bank at this point."

Regarding the impending expiration of the price cap on energy products, Hoffmann unequivocally advocated for its maintenance to prevent further financial burden on consumers. He stressed the state's responsibility to act in this matter.

While acknowledging the associated costs, Hoffmann highlighted the importance of protecting vulnerable populations, noting that 20% of residents in Luxembourg live in poverty or on the brink of poverty.