Yerevan /Mediamax/. Armenian parliament approved in first reading today the draft law “On Financial Ombudsman”##.

Mediamax recalls that, presenting on June 5 the draft law in the National Assembly, Deputy Chairman of the Central Bank Artur Javadyan noted that the institute of the financial ombudsman has wide application in the international practice.

Deputy Chairman of the Central Bank noted that the institute will function free of charge and will free the consumers from the necessity to turn to lawyers to resolve financial disputes.

The draft law provides for formation of a council, consisting of 7 members with the participation of 4 representatives of financial organizations and one representative from consumers, government and the CB each.