In May 2018, the State Duma of the Russian Federation adopted a law on the financial ombudsman - an ombudsman for the rights of those who use financial services. What does it mean? Whom, how and from what will the ombudsman protect, what issues will he deal with?
In order to understand what functions the financial ombudsman will perform, it is necessary to understand the following aspects - what responsibilities are assigned to him, what rights and opportunities this official has.
Who is a Financial Ombudsman
The Ombudsman is a representative of ordinary citizens who protects their interests in a certain spectrum of life and society. The Financial Ombudsman deals with disputes between banks or other institutions in this market segment and their clients.
The Financial Ombudsman can be contacted in the following cases:
- if the bank illegally raised the interest rate on the loan,
- in case of aggressive behavior of collectors,
- upon request to repay the loan earlier than the term specified in the agreement,
- when funds are stolen from a card or account, and the bank is inactive,
- if the financial institution charges a fee for servicing the loan account,
- when it is necessary to restructure debt of any type.
The Financial Ombudsman is involved in a disputable situation if the rights of one of the parties are violated and there is strong evidence of this. In order to get protection, you must first try to solve the problem yourself, but strictly in accordance with the law - apply in writing to the bank, get an answer, endorsed by representatives of the organization. This is the order of interaction that is spelled out in the law on the financial ombudsman, which was adopted by the State Duma of the Russian Federation.
The essence of the law on the financial ombudsman in Russia
Financial ombudsmen have been working in European countries and in America for a long time, and the decision to start functioning of such a human rights defender in Russia is justified and logical. The essence of the law adopted by the State Duma is that the board of directors of the Central Bank of the Russian Federation must choose who will represent the interests of consumers of financial services.
The financial ombudsman will not depend on the federal and regional executive authorities of Russia. He will be appointed for a term of 5 years, more than three terms established by law, he is not entitled to hold this position.
A citizen of the Russian Federation over 35 years of age with a higher education in economics, jurisprudence, and the financial market can become a financial ombudsman. A candidate for a position should not have his own business, but he has the right to simultaneously engage in creativity or science, teach in an educational institution.
The activities of the financial ombudsman in the Russian Federation will be financed by the Central Bank and the deposits of organizations from this market segment. The Ombudsman will receive applications from citizens on his own website, through State services or in person.
