Financial Ombudsman Institute conference starts in Yerevan

 October 2, 2013 - 17:02 AMT

PanARMENIAN.Net - Financial Ombudsman Institute: Increasing Public Confidence and Enhancing Financial Mediation annual conference kicked off October 2 in Yerevan.

Representatives of the financial rights protection sector from UK, Switzerland, Ireland, UAE, India, Russia, Kazakhstan and Georgia attended the event along with representatives of Armenian banks, insurance companies and law enforcement bodies. The event participants will discuss mechanisms for protestation of the Ombudsman-passed decisions and consumer protection rights.

The Office of the Financial System Mediator is an independently-managed institution founded by the Central Bank of Armenia. The mission of the Office of the Mediator is to resolve pecuniary disputes between individual consumers and financial organizations. The Mediator’s services are free of charge. The complaint review process is simple, swift, and transparent.

The Financial System Mediator pursues the following objectives: protection of the rights and interests of consumers in the financial sector; swift, effective, and free-of-charge review of consumer claims; enhancing public confidence in the financial system.

According to an official report, 1298 consumer claims were submitted to the Ombudsman's office in Q1-3 2013, with relevant consultations provided.

AMD 130 million was refunded to the citizens by financial organizations through the mediation of the Financial Ombudsman's Office.

According to the head of the Financial Ombudsman’s Office Piruz Sargsyan, the Office continues work to increase awareness of the structure's activity and the consumers' rights in Armenian regions.

As she noted, visits to Russia, Ukraine, Bosnia and Herzegovina were organized in 2012 jointly with the World Bank experts to share Armenia's expertise in the work of the Financial Ombudsman Office. Also, the Office shared its experience at the G20 summit, along with the World Bank experts and UK Ombudsman.