INSTITUTION OF CONCILIATOR IN FINANCIAL SYSTEM TO BE INTRODUCED IN ARMENIA
Noyan Tapan
Feb 13, 2008
YEREVAN, FEBRUARY 13, NOYAN TAPAN. At the February 13 sitting, the
Armenian government approved the bill on consumer crediting, the bill
on conciliator in the financial system and the bill on attraction
of bank deposits. The chairman of the Central Bank of Armenia (CBA)
Tigran Sargsian told reporters after the sitting that the purpose of
adopting these bills is to protect the interests of Armenian citizens.
He explained that by the bill on consumer crediting, all information
on services provided by a financial institution shall be accessible
to consumers, the prices of provided services shall be presented in a
definite way. According to the CBA chairman, the bank is also obliged
to inform every month its customers about fines and penalties to be
used in case of nonfulfilment of its obligations.
T. Sargsian said that the bill on conciliator in the financial system
envisages creation of the institution of financial conciliator in
order to discuss rapidly and free of charge customers’ applications
and complaints about activities of commercial banks. The financial
conciliator must immediately respond to these applications and make
decisons for their solution. In the words of the CBA chairman, in
this way it is expected to increase consumers’ trust in activites of
the banking system.
The bill on attraction of bank deposits puts an additional obligation
on banks to provide every month their depositors with free information
about their accounts. The bill also clarifies and regulates the rules
of providing services to bank customers.