The FOS Council is a collegial body created in accordance with the Federal Law of June 4, 2018, No. 123-ФЗ “On the Ombudsman for the Rights of Consumers of Financial Services”.
The FOS Council consists of 15 members, who, in accordance with the law, include five representatives of the Bank of Russia, three representatives of the Government of the Russian Federation, the Chief financial Ombudsman, a representative of the FOS Expert Council, a representative of self-regulatory organizations in the financial market that unite insurance organizations, two representatives of associations (unions) of credit organizations, and two representatives of other self-regulatory organizations in the financial market, whose members are financial institutions required to interact with the financial ombudsman.
The procedure for nominating representatives of self-regulatory organizations in the financial market, as well as associations (unions) of credit organizations to the FOS Council is established by Bank of Russia Ordinance No. 5038-У dated 25/12/2018 “On the procedure for nominating representatives of self-regulatory organizations in the financial market, as well as associations (unions) of credit organizations to the FOS Council, as referred to in paragraph 1 of Article 7 of the Federal Law of June 4, 2018, No. 123-ФЗ “On the Ombudsman for the Rights of Consumers of financial Services”.
