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8.3. Office of the Financial Ombudsman for Financial Services Consumer Protection

Thursday, 16 May
16:30 - 17:30

Hall #6, General Staff Building (6-8, Dvortsovaya sq.)

New to the Russian Federation, the Institution of the Financial Ombudsman was established by Federal Law No. 123-FZ dated 4 June 2018 'On the Commissioner for the Rights of the Consumers of Financial Services'. On the basis of this law, the financial ombudsman is vested with the power to administer the out-of-court settlement of disputes between financial organizations and consumers of financial services.

Insurance companies will be the first financial organizations bound by law to set up interfaces with the financial ombudsman, and consumer claims in relation to insurance companies will be the first to go under review. The starting date for reviewing the cases on file is 1 June 2019.  

Insurers will be followed by micro-financing organizations, lending institutions (banks), non-government pension funds, pawn shops and consumer credit cooperatives.

The presentation of the Office of the Financial Ombudsman offers a great opportunity to obtain this and other information first-hand: The varieties of consumer rights disputes to be reviewed by the financial ombudsman, limitations (if any) on the amount of a claim, description of the system of the out-of-court settlement of disputes, execution of the financial ombudsman’s decisions and how to appeal them.

Speaker

Yuriy Voronin

Financial Ombudsman for Financial Services Consumer Protection


* The Programme may be subject to change