12 october 2021, 21:32

Denis Novak appointed Financial Ombudsman

Chief Financial Ombudsman Yury Voronin submitted for consideration of the Bank of Russia Board of Directors the candidacy of Denis Novak for the position of Financial Ombudsman for Consumer Rights in Insurance, Microfinance, Credit Cooperation and Activities of Credit Institutions.

The Bank of Russia Board of Directors supported the candidacy at a meeting on October 11, 2021, and the financial ombudsman will take up his duties on October 25, 2021.

Prior to his appointment as Financial Ombudsman, Denis Novak had worked at the Russian Ministry of Justice since 2014, where he served as Deputy Minister and the Minister’s adviser. He was involved in the improvement of legislation on financial activity and securities, insurance and banking legislation, development of alternative dispute resolution institutions, free legal aid and legal education of the population.

Denis Novak started his career in 2000 in the Kemerovo Region’s Justice Department, subsequently practising law in commercial organisations, and had the status of a lawyer with the Moscow City Bar Association. From 2008 to 2014, he was a civil servant at the Russian Supreme Arbitration Court.

Denis Novak graduated from the Faculty of Law at Kemerovo State University; in 2003 he completed a Master’s programme at the Russian School for Private Law; in 2006 he defended his candidate-of-science thesis at the Institute for Legislation and Comparative Law under the Russian Government and was awarded a Candidate of Law degree.

Denis Novak has a class rank of Full State Counsellor of Justice, 1st Class, and holds the title of Honorary Worker of the Judiciary and a number of other distinctions.

The newly appointed Financial Ombudsman has extensive practical legal experience in protecting civil rights and liaising with the judiciary, as well as in drafting and adopting regulatory legal acts in the sphere of finance.

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