The Financial Ombudsman Service

The Financial Ombudsman Service (FOS) resolves disputes between consumers of financial services and financial institutions.
The FOS conducts its activities on the basis of the Federal Law “On the Ombudsman for the Rights of Consumers of Financial Services”. The Financial Ombudsman is independent of government bodies, institutions, and officials.
The Financial Ombudsman performs out-of-court resolution of disputes between financial institutions and their individual customers, thus allowing them to avoid having to go to court. Admission to the Financial Ombudsman and consideration of consumers’ appeals is free of charge.
In cases stipulated by law, consumers of financial services have the right to file a claim to a financial institution in a judicial procedure only after having appealed to the Financial Ombudsman.
Based on the results of a consumer’s appeal consideration, the Financial Ombudsman makes a decision that must be executed by the financial institution within the time period specified in the decision. In case of disagreement with the Financial Ombudsman’s decision, a consumer of financial services has the right to apply to the court of law to protect their rights. In case of disagreement with the Financial Ombudsman’s decision, the financial institution has the right to litigate it in court.
Any consumer of financial services, be it an individual who is a party to the contract, or a person in whose favour a contract has been concluded, or one to whom a financial service has been or is being provided for the purpose not related to entrepreneurial activities, is entitled to submit an appeal to the Financial Ombudsman.

The Financial Ombudsman shall consider an appeal from a consumer of financial services to satisfy exclusively those property requirements that have been submitted by them to the financial institution that provided them with the financial services.

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