The regular issue of the «Bulletin of the Financial Ombudsman Service» has been published

Another regular issue of the «Bulletin of the Financial Ombudsman Service» has been made available online on the Financial Ombudsman Service website.

The edition contains information on the FOS activities, commentary on aspects of out-of-court dispute resolution, and analytical materials on consideration of appeals from consumers of financial services by the Financial Ombudsman.

The institution of the Financial Ombudsman has been operating in Russia for more than eighteen months. During this period of time, tangible results have been achieved in changing the nature of interaction between financial institutions and consumers. In an interview published in the edition, Philip Gabunia, Director of the Insurance Market Department at the Bank of Russia, shares his observations on how the behaviour of market participants has changed since the introduction of the out-of-court dispute resolution procedure, and what changes to the Uniform Methodology for determining repair costs should be expected. Financial Ombudsman Svetlana Nikitina in her column gives examples of unfair practices encountered by credit insurance consumers and ways of solving the problems encountered in resolving such disputes.

The «Bulletin» publishes Head of the Ombudsman for financial services consumers support Service (OFSC) Olga Kraynova’s answers to frequently asked questions of financial institutions when interacting with the Service, as well as Financial Ombudsman Viktor Klimov’s answers to consumers’ questions that the FOS Contact Centre receives. Andrei Znamensky, Head of Information and Analytical Department at the OFSC, shared information on how the Service is developing a system of independent expertise.

There are new columns in the «Bulletin», which relate to legal issues and which will become permanent in the edition, in particular those dealing with specific legal positions which financial ombudsmen are guided by when making their decisions, as well as with court practice in cases of appeals against the Financial Ombudsman’s decisions.

«The «Bulletin of the Financial Ombudsman Service» is a fresh project. Its first issue aroused great interest in the professional community. As the institution of the out-of-court dispute resolution procedure develops, the «Bulletin» will be filled with more and more detailed and useful information, which will expand the range of readership that really needs this product,» Chief Financial Ombudsman Yury Voronin noted.