Yerevan /Mediamax/. On January 24, the Office of Financial System Ombudsman, the appointed Head of which is Piruz Sargsian, former Chief Advisor on Legal Issues of the Chairman of the Central Bank, will start functioning in Armenia.

Mediamax reports that the Chairman of the Central Bank Artur Javadyan stated today that the main function of the Office will be to receive and consider complaints of financial service consumers and solve discords, occurring between consumers of financial services and financial institutions.

The customers of the Ombudsman will be provided service free of charge, and the Ombudsman’s decisions will be obligatory for financial structures, which cannot dispute those decisions in Court.

The Ombudsman has the right to investigate complaints of customers, whose property demands do not exceed 10mln AMD. The Ombudsman will not consider complaints, if there is already a court decision present concerning the case or if the complaint has already been considered in Court.

Artur Javadyan assured that, despite the fact that the Office will be funded by financial organizations, it will be impartial and will contribute to growth of confidence among the population for financial structures and increase of awareness of the citizens in financial sphere.

Pirus Sargsian informed that the customers may present complaints against banks, credit organizations, insurance companies, insurance brokers, investment companies, pawnshops, people, who deal with currency purchase and sale.

Artur Javadyan noted that Armenia became the first country in the CIS, where the Office of the Financial Ombudsman is to be opened, and stressed that the structure is set up, taking into account the best international practice.