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21 april 2023, 10:26
The Financial Ombudsman Service (FOS) and the Donbass Law Academy have signed a cooperation agreement, the implementation of which will inform residents of the Donetsk People’s Republic about the out-of-court dispute resolution procedure by the Financial Ombudsman through the Academy’s Legal Clinic.
The Donbass Law Academy is the first higher education institution in the region with which the Financial Ombudsman Service has signed an agreement. The subject of the agreement is cooperation in the sphere of protection of financial services consumers’ rights in respect of out-of-court settlement of disputes by the Financial Ombudsman.
Under the agreement, the Financial Ombudsman Service has already started training students and supervisors of the Legal Clinic on practical aspects of consumer protection. Selected representatives of the Donbass Law Academy had previously participated in the training, which the Service conducted in 2022 together with the Saratov State Law Academy.
“The training under the agreement is a logical continuation of this project, as a result of which we hope that the students and supervisors of the Donbass Law Academy’s Legal Clinic will be able to provide competent and informative advice on the issues within the Financial Ombudsman’s competence, thus helping residents of the Donetsk People’s Republic to protect their financial rights swiftly, free of charge and effectively,’ Head of the Ombudsman for financial services consumers support Service (OFSC) Olga Kraynova said.
The Financial Ombudsman Service has been working on out-of-court dispute resolution between consumers of financial services and financial institutions for almost four years (since 01.06.2019). During this period, the FOS has established itself as a swift and straightforward institute for protecting the rights of consumers of financial services, which is noted by representatives of both public authorities and the professional community.
For four years the Financial Ombudsman Service has received over 611,000 appeals. The law sets an unprecedentedly short time of 15 working days for consideration of appeals, which the Service strictly adheres to, making objective and reasonable decisions and protecting the rights of consumers.
