The International Cooperation of the Financial Ombudsman Service

The main objective of international activities of the Financial Ombudsman Service (FOS) is developing the Russian institution of Financial Ombudsman and expanding multifarious cooperation with financial ombudsman institutions in other jurisdictions.

Besides, partnerships with foreign organizations are being actively established in protecting the rights of consumers of financial services, in sharing specific information, exchanging experience and practical skills, in planning long-term priority areas for cooperation, as well as in improving the efficiency of resolving disputes between consumers of financial services and financial organizations.

The FOS is actively promoting international cooperation to expand bilateral and multilateral relations with the schemes of foreign financial ombudsman institutions. Thus, at the end of April 2020, a cooperative arrangement with the Financial System Mediator of the Republic of Armenia was signed, providing a vast field for joint activities. The arrangement particularly involves consultations on protecting the interests of consumers of financial services / citizens of the Republic of Armenia within the Russian Federation and consumers of financial services / citizens of the Russian Federation within the Republic of Armenia, the exchange of the best practices of out-of-court schemes of resolving disputes with financial organizations, joint internal events and participation in international events, as well as other aspects of mutual interest in the field of out-of-court schemes of resolving disputes between consumers of financial services and financial organizations.

Following the cooperative arrangement with the Financial System Mediator of the Republic of Armenia, in August 2020 the Financial Ombudsman Service signed two more partnership agreements with financial ombudsman institutions of the Republic of Kazakhstan – Banking Ombudsman of the Republic of Kazakhstan, and Insurance Ombudsman of the Republic of Kazakhstan. 

All cooperative arrangements are aimed at organizing close cooperation between the parties, exchange of experience in the field of out-of-court disputes settlement between consumers of financial services and financial institutions, as well as the development of joint programs in the field of consumer protection of financial services. They are also aimed at improving financial literacy of the population of the countries participating in bilateral projects.

Besides, the FOS is planning to launch in the near future regular videoconferences between financial ombudsmen from the FOS and foreign financial ombudsmen.
If you have any questions about international cooperation, please contact us here: cooperation@finombudsman.ru