Entered into force the law on financial Ombudsman

Moscow. September 3. INTERFAX.RU – the Federal law “on the Commissioner for the rights of consumers of financial services” entered into force 3 September 2018. The first act will be subject to the insurance organization, particularly specializing in insurance.

The document was posted on the Kremlin website in early June and came into effect from today.

The Institute of financial Ombudsman assumes its mediation in the disputes between financial consumers and financial institutions, the debate needs to be tied to property requirements to the financial organizations. It is suggested that the act will be subject to banks, insurance companies, microfinance company. The Bank of Russia will keep a special register of financial organizations that are obliged to communicate with a financial representative.

The law provides for the financial independence of the Ombudsman in the exercise of their powers from the Federal and regional state authorities, the Central Bank of the Russian Federation and other organizations and officials.

Chief financial Ombudsman will be appointed by the Board of Directors of the Central Bank on representation of the Chairman of the Central Bank for a period of 5 years. This candidate must be approved by the President of the Russian Federation. The same person may be appointed to the position of chief financial Commissioner more than three times in a row.

The Board of Directors of the Central Bank of the Russian Federation on 24 August appointed chief financial Ombudsman, former adviser to the Chairman of the Bank of Russia Yury Voronin.

Financial authorities responsible for financial services shall be appointed by the Board of Directors of the Central Bank on the proposal of the chief financial authorized for a period of 5 years and may be appointed for the same position more than three times in a row.

It is also planned the establishment of the Council the financial services Ombudsman. The Council will consist from the Bank of Russia 5 representatives from the government of the Russian Federation – 3, SROs in the financial market, uniting insurance organisations, – 1, associations (unions) of credit organizations – 2, from the other SROs in the financial market – 2; from the expert Council of the service – 1, as well as the chief financial authorized.

The operation of a financial Ombudsman will conduct a special service, which is an Autonomous non-profit organisation established by the Central Bank. To Finance the activities of the financial Ombudsman Fund is created, its source of funding – property contributions of the Central Bank; contributions from financial institutions; income received by the service support the activities of the financial Commissioner from placement and investment of funds in the financial market; fee for reviewing the financial Commissioner appeals by third parties who assigned the right of claim of the consumer of financial services to financial institutions.

The financial Ombudsman considers appeals in respect of financial institutions, if the requirements of the consumer financial services about the recovery of money does not exceed 500 thousand roubles or if the demands of financial services consumers derive from the breach by the insurer of procedure of the insurance indemnity, if the date when the consumer knew or had to know about the violation of his rights, was not more than three years.

Provides for the phased introduction of the law into force. First, under the law on the financial Ombudsman will fall within the insurance organization from January 1, 2020, microfinance institutions, 2021 – consumer credit cooperatives, pawnshops, credit organizations, private pension funds.

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