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12 may 2023, 08:57
One of the conditions necessary for the formation of a consolidated financial market within the Eurasian Economic Union is the harmonization of legislation on the protection of consumers of financial services, said Chief Financial Ombudsman Yury Voronin at the Financial Ombudsman Service (FOS) session “International experience of out-of-court protection of financial services consumers” within the 11th St. Petersburg International Legal Forum.
“After all, you should agree that it would be great if, for example, a victim of a road traffic accident that occurred outside his home country had the opportunity, if needed, to receive easy and swift protection of violated rights in a manner similar to that which exists in his own country,” he said.
In this regard, the introduction of similar consumer protection schemes appears to simplify the process of redress for consumers and be an additional incentive for the development of national financial markets of the EAEU member states, Yury Voronin went on.
He reminded that in November 2021 the International Conference of Financial Ombudsman Schemes of the EAEU member states agreed to establish the Advisory Committee of Financial Ombudsman Schemes of the EAEU member states. The Committee is an advisory body whose main task is to prepare proposals, recommendations and consultations on the implementation by the EAEU member states of a coordinated policy in the field of out-of-court dispute resolution.
“The implementation of the Advisory Committee’s proposals, in our opinion, will contribute to the formation of a consolidated financial market within the Eurasian Economic Union and strengthen citizens’ trust in it,” the Chief Financial Ombudsman added.
