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27 march 2023, 10:10
The Financial Ombudsman Service (FOS) has published the list of financial institutions, which, in the 4th quarter of 2022, systematically violated the requirements of the Law “On the Ombudsman for the Rights of Consumers of Financial Services” regarding the procedure of interaction with the FOS.
Thus, the Law obliges financial institutions to provide a motivated reply to a consumer’s application (claim) sent in the manner prescribed by Article 16 of the Law within a certain period of time.
In addition, financial institutions are also obliged to provide to the FOS the requested documents and information related to the dispute within 5 business days from the date of receipt of the Financial Ombudsman’s request.
“Not all organisations fulfil these obligations properly. The Service transmits information on an ongoing basis about financial institutions that violate the requirements of the Financial Ombudsman Law to the Bank of Russia, which has, as a regulator, the ability to apply response measures. We have now published this information on the FOS official website. The publications mention the names of financial institutions that failed to send responses to consumer applications (claims) and Financial Ombudsman's requests or sent them after the established deadlines,” explained Olga Kraynova, head of the Ombudsman for financial services consumers support Service (OFSC).
In the 4th quarter, such violations were revealed among 14 financial institutions.
The head of the OFSC also explained that in a number of cases failure by a financial institution to provide documents requested by the Financial Ombudsman necessary for consideration of an appeal in conjunction with the failure to provide these documents by the consumers themselves leads to the termination of consideration of appeals of consumers of financial services based on Article 27, Part 1, Clause 2 of the Law.
“Obviously, the lack of assistance from financial institutions in reviewing appeals affects the level of protection of rights of consumers of financial services. We expect that public information on the website will further encourage organizations to contribute to the work of the human rights protection institution,” Olga Kraynova said.
The information is available at the link: https://finombudsman.ru/organizations/informacziya-o-neispolnenii-finansovyimi-organizacziyami-obyazannostej-po-vzaimodejstviyu-s-finansovyim-upolnomochennyim.html
