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FINANCIAL OMBUDSMAN OFFICE TO FUNCTION IN ARMENIA STARTING FROM JANUARY 24
Noyan Tapan
http://www.nt.am?shownews=1011513
Jan 23, 2009
YEREVAN, JANUARY 23, NOYAN TAPAN. A Financial Ombudsman Office, so far
the only one in the CIS, will function in Armenia starting from January
24. The Chairman of the Central Bank of Armenia (CBA) Arthur Javadian
said at the January 23 press coference that this is a great achievement
for Armenia as such offices work mostly in developed countries. In his
words, with the introduction of the institution of financial ombudsman,
the society's trust in the financial system of Armenia will increase.
The purpose of establishing this office is to accept and examine
complaints of consumers and solve disputes between financial
institutions and consumers. The Office will provide free services to
consumers who may file their complaints to the financial ombudsman
only after failing to reach a reconciliation with the given
financial institution. In case of disagreeing with the decision of
the financial ombudsman, consumers may dispute it in a court which
is not permissible for financial institutions that must obey the
ombudsman's decision. Only natural persons may apply to the financial
ombudsman. Complaints may be filed only with respect to such deals
that do not exceed 10 million drams (about 33 thousand dollars). The
work of the Financial Ombudsman Office will be financed only by
financial institutions.
The member of the CBA Board Grigor Donjeyan was elected the Chairman
of the Board of Trustees of the Financial Ombudsman Office. Piruza
Sargsyan was elected the Financial Ombudsman. The Board of Trustees
is composed of 6 members elected from state and private organizations.
Noyan Tapan
http://www.nt.am?shownews=1011513
Jan 23, 2009
YEREVAN, JANUARY 23, NOYAN TAPAN. A Financial Ombudsman Office, so far
the only one in the CIS, will function in Armenia starting from January
24. The Chairman of the Central Bank of Armenia (CBA) Arthur Javadian
said at the January 23 press coference that this is a great achievement
for Armenia as such offices work mostly in developed countries. In his
words, with the introduction of the institution of financial ombudsman,
the society's trust in the financial system of Armenia will increase.
The purpose of establishing this office is to accept and examine
complaints of consumers and solve disputes between financial
institutions and consumers. The Office will provide free services to
consumers who may file their complaints to the financial ombudsman
only after failing to reach a reconciliation with the given
financial institution. In case of disagreeing with the decision of
the financial ombudsman, consumers may dispute it in a court which
is not permissible for financial institutions that must obey the
ombudsman's decision. Only natural persons may apply to the financial
ombudsman. Complaints may be filed only with respect to such deals
that do not exceed 10 million drams (about 33 thousand dollars). The
work of the Financial Ombudsman Office will be financed only by
financial institutions.
The member of the CBA Board Grigor Donjeyan was elected the Chairman
of the Board of Trustees of the Financial Ombudsman Office. Piruza
Sargsyan was elected the Financial Ombudsman. The Board of Trustees
is composed of 6 members elected from state and private organizations.