Thursday, March 15 2012 18:29
Armenia's Financial Ombudsperson: Now people will show more confidence in financial services
ArmInfo. Now people will show more confidence in financial services as they will know that there is an office that is ready to help them free of charge, Armenia's Financial Ombudsperson Piruz Sargsyan said during a press-conference given on Thursday on the occasion of the World Consumers Rights Day.
She said that people's confidence in financial services is growing: in 2009 her office received 388 complaints, in 2010 - 642 in 2011 - 803,in Jan-Feb 2012 alone - 200.
In 2011 424 complaints were against banks, 252 against insurance companies, 60 against credit companies, 42 against pawn offices, with the Financial Ombudsperson considering 62, 68,4 and 8 complaints, respectively.
In 2010 there were more complaints against banks than against insurance companies. In 2011, when Armenia adopted compulsory motor third party liability insurance, the situation reversed, with 39 complaints concerning the new service.
"In 2011 70% of the complaints were settled in favor of consumers, with 58.137mln AMD paid to them as compensation against 29.264mln AMD in 2010 and 26.062mln AMD in 2009," Sargsyan said.
Over Jan 2012 the Financial Ombudsperson's Office of Armenia received 64 complaints, 61 of which concerned the financial system, but only 39 were subject to consideration. 7 of the total number of complaints considered by the Office were against insurance companies and the Motor Insurers Bureau. 6 of them concerned motor third party liability insurance, and 1 concerned medical insurance. 2 complaints were directed against the banks and concerned payment and settlement transactions, and 1 complaint was against the Lombard. To note, the services of the Financial
Ombudsperson's Office, which has been operating in Armenia since 2009, are provided free of charge. The Office's activity is financed by financial organizations.
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