The Greek government has taken steps to address ongoing complaints from borrowers regarding the management practices of loan servicers by forming a specialized Working Group. This initiative, spearheaded by Theoni Alabassi, the Secretary General of the Financial Sector, aims to oversee, manage, and organize the influx of complaints made by individuals against these servicers, which are responsible for handling both non-performing and performing loans worth over 92 billion euros. Despite the existence of a code of conduct that has been in place for years, problems persist, prompting this proactive approach from the authorities.

The Working Group's efforts will be structured around three main areas: central monitoring of complaints, addressing citizen reports of abusive practices, and ensuring that borrowers receive adequate information and assistance regarding their loans. The decision to implement this group highlights the government’s recognition of the issues faced by many households in Greece, where numerous complaints suggest that servicers are not adhering to the expected standards of behavior and transparency.

With the establishment of this Working Group, the Greek government signals its commitment to improving oversight in the financial sector and providing better protection for consumers. This could lead to more stringent regulations for servicers, enhancing accountability and potentially restoring public confidence in financial institutions tasked with managing loans for Greek citizens. The broader implications of these actions may influence future lending practices and consumer rights in Greece as the government seeks to create a more responsive and responsible financial environment.