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30 november 2021, 08:33
On November 30, 2021, the first International Conference of Financial Ombudsmen of the Eurasian Economic Union (EAEU) member states was held in Moscow via videoconference. During the meeting of the Conference of Financial Ombudsmen of the EEU it was decided to establish the Advisory Committee of Financial Ombudsmen of the EEU countries.
The Conference and the Advisory Committee were initiated by the Russian party represented by the Financial Ombudsman Service (FOS). Representatives of each member state of the EEU took part in the conference. The Russian side was represented by Chief Financial Ombudsman Yury Voronin, who acted as a moderator of the meeting, Financial Ombudsmen Viktor Klimov, Svetlana Maximova, Tatyana Savitskaya, Denis Novak, head of the Ombudsman for financial services consumers support Service (OFSC) Olga Kraynova and other representatives of the FOS.
The Committee is to become a consultative body for preparation of proposals, recommendations and consultations on the issues of implementation by the EAEU member states of a coordinated policy in the field of out-of-court dispute resolution. Personal composition of the advisory body is planned to be formed by the end of 2021, and the first meeting is to be held in the first quarter of 2022.
“The Committee is sure to become a tool that will allow a regular exchange of best practices between the EAEU members, and thus increase the effectiveness of out-of-court settlements to protect the rights of consumers of financial services. We will also be able to support our colleagues from Belarus and Kyrgyzstan in creating financial ombudsman institutions, should they decide to do so,” Yury Voronin said during the conference.
The advisory body will also prepare proposals for the harmonization of legislation in the core area, to take measures to suppress bad faith practices identified in the implementation of functions for the out-of-court dispute settlement in the EAEU countries. Members of the Committee will develop proposals to improve the procedure for monitoring and controlling the implementation by the EAEU member states of the provisions of international treaties and acts constituting the law of the EAEU in the field of out-of-court dispute settlement and protection of rights of consumers of financial services.
During the conference Financial Ombudsmen shared the experience of their countries. For example, Viktor Klimov dwelt on unscrupulous practices of financial institutions revealed in the course of dealing with applications of financial services consumers. Denis Novak spoke about enforcement of the Financial Ombudsman’s decisions. Olga Kraynova presented a report on digitalization in the FOS activities and changes in the operation schedule during the COVID-19 pandemic. Yerserik Siyrbayev, Banking Ombudsman of the Republic of Kazakhstan, shared his experience of working with consumers in Kazakhstan.
