ARMENIA’S FINANCIAL OMBUDSMAN ISSUES FIRST REPORT ON JAN 2009

ARKA
Feb 13, 2009

YEREVAN, February 13. /ARKA/. Ombudsman of Armenia’s financial
system Piruz Sargsyan has issued her first report on January 2009,
the Central Bank of Armenia (CBA) says.

During the period under review, seven complaints were addressed to the
RA Financial Ombudsman’s Office, with one in the written form. Three
pf the complaints were not subject to consideration.

Though the rest of the four complaints were under Sargsyan’s
authority, the complainants had not sent their complaints to financial
organizations before as the law requires.

Another complainant demanded imposing a heavy fine on a client for
a loan, with another complaint being lodged against an insurance
company that had refused to provide collision insurance to a client.

"The workers of the Financial Ombudsman’s Office explained to the
complainants that they had to turn first to financial organizations
before lodging a complaint against them," CBA says.

The Financial Ombudsman’s Office controls the further process of
complaints filed.

The Financial Ombudsperson’s Office was set up according to the Law of
the Ombudsperson in the Financial System and launched its activities
on January 24, 2009.

According to Article 31 of the law, the Financial Ombudsperson is to
issue a monthly report on the 15th day of each month.