The International Cooperation of the Financial Ombudsman Service

The main objective of international activities of the Financial Ombudsman Service (FOS) is developing the Russian institution of Financial Ombudsman and expanding multifarious cooperation with financial ombudsman institutions in other jurisdictions.

Besides, partnerships with foreign organizations are being actively established in protecting the rights of consumers of financial services, in sharing specific information, exchanging experience and practical skills, in planning long-term priority areas for cooperation, as well as in improving the efficiency of resolving disputes between consumers of financial services and financial organizations.

Established in 2018, the Financial Ombudsman Service became, in early December 2019, a full member of the International Network of Financial Services Ombudsman Schemes (INFO Network), which unites leaders in the field of out-of-court schemes of resolving disputes between consumers of financial services and financial organizations from more than 50 countries. As member of the INFO Network, the FOS is not only involved regularly in the preparation of materials, the Association’s digest, but also takes an active part in sharing experience and information between its members, and also has a floor at various forums, webinars and conferences related to the most topical out-of-court schemes of resolving disputes between consumers of financial services and financial organizations.

Along with the constant participation in the activities of the International Network of Financial Services Ombudsman Schemes, the FOS is promoting international cooperation to expand bilateral and multilateral relations with the schemes of foreign financial ombudsman institutions. Thus, at the end of April 2020, a cooperative arrangement with the Financial System Mediator of the Republic of Armenia was signed, providing a vast field for joint activities. The arrangement particularly involves consultations on protecting the interests of consumers of financial services / citizens of the Republic of Armenia within the Russian Federation and consumers of financial services / citizens of the Russian Federation within the Republic of Armenia, the exchange of the best practices of out-of-court schemes of resolving disputes with financial organizations, joint internal events and participation in international events, as well as other aspects of mutual interest in the field of out-of-court schemes of resolving disputes between consumers of financial services and financial organizations.

Besides, the FOS is planning to launch in the near future regular videoconferences between financial ombudsmen from the FOS and foreign financial ombudsmen.

If you have any questions about international cooperation, please contact us here: cooperation@finombudsman.ru