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21 june 2023, 14:01
The Ombudsman for financial services consumers support Service (OFSC) took part in a training workshop for representatives of the Central Bank of the Republic of Uzbekistan under the invitation of the Bank of Russia on June 16, 2023.
The OFSC representatives made a report “On the FOS activities for Financial Consumer Protection in the Russian Federation and Its Results”, in which they presented the information about the current system of out-of-court dispute resolution between consumers of financial services and financial institutions in Russia, as well as the Financial Ombudsman scope of competence, the FOS results in considering consumer appeals and the characteristics of the consideration of different categories of financial services.
The report points out that in establishing regulation in the relevant area, one should take into account that there are several patterns within the EAEU countries in establishing the Financial Ombudsman’s activities. In the Russian Federation, the Financial Ombudsman’s functions are similar to those of a court.
Moreover, it was stressed that in addition to the handling of appeals from consumers of financial services, the Financial Ombudsman Service is involved in the legislative activities, interacting with the Bank of Russia and the Russian Supreme Court to ensure uniformity in law enforcement, as well as to counteract unfair practices by financial institutions.
The OFSC representatives also spoke about the practice of international cooperation of the FOS with the financial ombudsmen schemes of the EAEU countries, in particular about the work of the Advisory Committee of the Financial Ombudsman Schemes of the Eurasian Economic Union countries.
