Complaint proceedings in The financial institutions - benefits for customers

On 10th  July 2015 the Parliament passed an Act which regulates complaint procedure in front of financial institutions and Financial Ombudsman.

The new provisions are related to complaints submitted by individuals. The financial institutions at the moment of concluding the contract will be obliged to inform in written form about the procedures for submitting complaints.

In the case of a complaint by the customer, the financial institution will be responsible for its consideration and to provide written response with justification within 30 days after the complaint. In the case of independent circumstances that would disturb to keep the term, the institution is obliged to indicate the reason of  delay and may prolong this term to 60 days.

In the case of non-compliance with deadline, the complaint will be recognized in customer favor.

The Act also introduces a new institution - Financial Ombudsman. The previous functioning institution - Insurance Ombudsman will be automatically transform in Financial Ombudsman institution on the date of entry into force the new Act.

The purpose of this new regulation is to extend  protection of  financial  institutions customers and take effective actions to achieve it.

The Act was approved by President on 25th  August and will come into force 30 days after announcement, which took place on 10th  September 2015.

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