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06 october 2022, 09:53
A regular issue of the “Bulletin of the Financial Ombudsman Service” has been published on the Financial Ombudsman Service (FOS) website.
“This issue follows a milestone event for the Financial Ombudsman Service – the publication of the 2021 Annual Activity Report. In general, the data in the Report demonstrate that the main objective of the institution of out-of-court dispute resolution in the financial sphere – protection of the rights of citizens – has been successfully achieved,” Chief Financial Ombudsman Yury Voronin said.
In a special article the Chief Financial Ombudsman presents legislative proposals of the Service that were prepared taking into account the three-year practice of working with appeals.
“In three full years of work we have built a system of the simplest possible interaction with the consumer. You don’t need to have special knowledge or skills to file an appeal, and in a complicated situation you can get hints both with the help of AI and the Service’s employees,” Yury Voronin said. Olga Krainova, head of the Ombudsman for financial services consumers support Service (OFSC), explains in her article which services make consumers’ lives easier.
Analytical materials in the current Bulletin examine the prospects of reducing the number of appeals against Financial Ombudsman’s decisions by financial institutions, indicate a trend of increasing discipline of financial institutions in terms of execution of Financial Ombudsman’s decisions, present the results of the initiative of the Service to stimulate institutions to cooperate with the Financial Ombudsman Service in their consideration of appeals.
Financial Ombudsman Viktor Klimov in his paper provides an overview of consistently uncovered unacceptable practices of credit institutions in the sphere of credit insurance.
A special publication deals with one of the most “sensitive” issues in the area of credit insurance – we discuss the practice of considering claims to charge a fee for “connecting” a borrower to an insurance programme if they refuse such insurance.
A number of issues are presented in the section on jurisprudence. For example, the positions of financial institutions, financial ombudsmen and courts are presented on the subject of refunding the cost of an additional service when granting a loan.
The current issue also includes in its “International Experience” section an article by the Chief Financial Ombudsman which describes the recently established Advisory Committee of the Financial Ombudsman Schemes of the Eurasian Economic Union Member States.
