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PIRUZ SARGSYAN: THE LEVEL OF FINANCIAL LITERACY IS LOW
Liana Yeghiazaryan
"Radiolur"
15.03.2012 17:39
The level of financial literacy is very low, and the financial
institutions - banks, insurance and crediting companies - use this
factor to violate the citizens' rights, Piruz Sargsyan, Financial
System Mediator of Armenia, told a press conference today. According
to her, here the problem lies in contracts, rather than laws.
"As a rule, people do not read the contracts before signing them.
Sometimes the contracts are so perplexing, that even specialists face
difficulties understanding them," she said.
The Office has concluded during the three years of its activity that
citizens mostly complain of banks and insurance companies. The number
of complaints further increased last year, when the compulsory car
insurance system was implemented.
Up to now 70% of all disputes have been resolved in favor of the
citizens, the Financial Mediator said, adding that even 50% is
considered a good number in international practice.
The Office of the Financial Mediator continues to defend citizen's
rights free of charge; however, citizens themselves must pursue the
protection of their rights, Piruz Sargsyan concluded.
From: A. Papazian
Liana Yeghiazaryan
"Radiolur"
15.03.2012 17:39
The level of financial literacy is very low, and the financial
institutions - banks, insurance and crediting companies - use this
factor to violate the citizens' rights, Piruz Sargsyan, Financial
System Mediator of Armenia, told a press conference today. According
to her, here the problem lies in contracts, rather than laws.
"As a rule, people do not read the contracts before signing them.
Sometimes the contracts are so perplexing, that even specialists face
difficulties understanding them," she said.
The Office has concluded during the three years of its activity that
citizens mostly complain of banks and insurance companies. The number
of complaints further increased last year, when the compulsory car
insurance system was implemented.
Up to now 70% of all disputes have been resolved in favor of the
citizens, the Financial Mediator said, adding that even 50% is
considered a good number in international practice.
The Office of the Financial Mediator continues to defend citizen's
rights free of charge; however, citizens themselves must pursue the
protection of their rights, Piruz Sargsyan concluded.
From: A. Papazian