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01 november 2024, 13:51
The Financial Ombudsman Service (FOS) and the Deposit Insurance Agency have entered into an agreement on interaction.
Chief Financial Ombudsman Yury Voronin and Director General of the State Corporation “Deposit Insurance Agency” (DIA) Andrei Melnikov signed an agreement on interaction aimed at improving the efficiency of rights protection of financial services consumers.
The signing ceremony was attended by Alexei Guznov, Chairman of the FOS Council and the State – Deputy Governor of the Bank of Russia, Maria Filatova, First Deputy Director General of the DIA, and Olga Kraynova, Head of the Autonomous Non-profit Organisation “Ombudsman for financial services consumers support Service” (OFSC).
Under the agreement, the FOS and the DIA shall hold mutual consultations and perform activities to improve the financial literacy level of consumers of financial services.
The parties are also going to exchange information on systemic violations of consumer rights, inappropriate practices in financial institutions, and legal attitudes to various issues.
Joint work under the agreement is expected to provide prompt information, which can be used, among other things, to analyse the protection level of consumers of financial services and develop proposals to improve existing legislation in this area.
“The agreement with the DIA is bound to allow for more effective implementation of functions to protect the rights of citizens in challenging situations, as well as contribute to the formation of socially responsible behaviour of financial market participants,” Chief Financial Ombudsman Yury Voronin pointed out.
“The partnership between the DIA and the FOS presents new opportunities to increase the financial literacy level of the population and protect the rights of depositors and creditors of financial institutions. I am confident that every step taken under the agreement is certain to enhance citizens’ trust in the banking system, insurance market, non-governmental pension funds,” Andrei Melnikov noted.
At the end of the agreement signing procedure, Andrei Melnikov handed Yury Voronin a key as a symbol of unlocking new opportunities to protect the rights of financial services consumers.
For reference:
The Deposit Insurance Agency (State Corporation) ensures the functioning of the deposit insurance system. In case of an insured event, it pays compensation for deposits from the mandatory deposit insurance fund. The Agency manages the systems for guaranteeing the safety of mandatory and voluntary pension savings, as well as funds deposited under the long-term savings programme. The Agency acts as a bankruptcy trustee (liquidator) for financial institutions with licences withdrawn.
