Yerevan /Mediamax/. Armenian government approved today a number of draft laws##, providing for the introduction of the institution of a financial ombudsman.

As the Deputy Chairman of the Central Bank (CB) of Armenia Artur Javadyan stated at a briefing today, in particular, it is planned to approve new laws “On the financial ombudsman”, “On consumer crediting” and “On attracting banking deposits”.

According to him, the given institution aims at protecting the consumer rights, who use financial services, increase the financial means and the consumer confidence for the financial system of Armenia.

Deputy Chairman of CB noted that the institution of the financial ombudsman is widely used in the international financial practice and is directed to provide the consumers with the opportunity to solve their financial disputes in a simpler way.

Artur Javadyan noted that this institution will function exclusively free of charge. It will free the consumers of the necessity to turn to lawyers and attorneys for solving financial disputes.

Deputy Chairman of the CB stated that the draft law also provides for the formation of the corresponding council, consisting of 7 members with the participation of 4 representatives of financial organizations and one representative each from the consumers, the government and the Central Bank.