Updated: 13.07.2020

The protector of Your rights in financial market

The Office of Financial System Mediator (hereinafter Office) is an establishment with an independent management system, the founder of which is the Central Bank of Armenia. Established pursuant to the Republic of Armenia Law on Financial System Mediator adopted on June 17, 2008, the Office has been functioning since January 24, 2009.

The Mediator’s office was created taking as a base the publicly recognized activity principles, which guarantee structure efficiency. Those principles include:

• Impartiality,
• Efficiency,
• Transparency,
• Justice.

The aims of the Office are to protect rights and interests of financial sector consumers, providequick, efficient and free of charge examination of their claims, increase public confidence towards financial system and enhance financial intermediation.

The Office is competent to consider demand-complaints of

• Individuals,
• Individual entrepreneurs or legal entities which, in accordance with the RA Tax Code, are the subject of microenterprises,
• Guarantors and pledgers,

if the considered actions or inactions have taken place since August 2, 2008 and if they applied to the Mediator within 6 months after applying to the financial organization. Individual entrepreneurs and legal entities may present a complaint if, at the time of presenting to the Mediator, they are a microenterprise subject in accordance with the RA Tax Code.

The Office of FSM of Armenia is empowered with a right to examine actions presenting a property claim not exceeding ten million Armenian drams or its foreign exchange equivalent amount or a non-property claims related to credit information.Prior to applying to Financial System Mediator, the Customer shall bring a claim to Organization.

The consumer can present a complaint/claim against following financial organizations acting in Armenia:

- Banks
- Credit organization
- Insurance companies
- Armenian auto insurers’ bureau
- Insurance brokers
- Investment companies
- Pawnshops
- Currency exchangers
- Currency dealer-brokers
- Money transmitters

Applying to the Mediator the customer loses nothing, as the services of Mediator are free of charge and the process of consideration is simple and swift, without any procrastination. There is no need for an attorney. The decision of the Mediator does not carry a compulsory character; the customer can always apply to the court, if he/she does not agree with the decision of the Mediator.

The Mediator is reliable, as he/she has an independent managerial system, and it is financed by the financial organizations. Periodically announced reports guarantee transparency of the Mediator’s office activities. The customers are always given the opportunity of oral hearings, where the parties can bring corresponding directives and arrive at the same outcome.

It is outside of the Mediator’s jurisdiction to consider the demand, if there is a decision of the court or the arbitral tribunal about the same case or there is a Mediator's decision about the case or the demand is under the consideration of the court or the arbitral tribunal or when the case is in the process of investigation by the Mediator.

Example of demands, which are under the Mediator’s competence to consider:

- The consumer made money transfer, the delay of which caused him/her money loss
- The consumer insured his/her car and it was damaged because of an accident and the insurance company refused to compensate the loss
- Some amount of money was exacted from the consumer’s credit account (i.e. from paymentcard) about which he/she had not been informed
- In the consumer’s opinion, the credit organization or bank miscalculated its loan interest rate /monthly repayment amount.

Example of demands, which are outside of the Mediator’s competence to consider:

- The consumer requires the bank to postpone the maturity date of the interest payment mentioned in the credit contract
- The consumer complains about the work of the mobile communication service providing company and assures being charged more for the service
- The credit organization or the bank refuses to provide a loan
-The consumer is a depositor, creditor, etc. of a liquidated, bankrupted organization.