Financial Ombudsman Office in Armenia celebrates its 7th anniversary: from establishment to winning and strengthening public trust

ArmInfo. The amount of compensations paid to physical entities by financial organizations through the intermediary of Financial Ombudsman of Armenia in 2015 totaled 176.7 mln AMD. As the press-service of Financial Ombudsman's Office in Armenia informed ArmInfo, this sum was paid out on 1230 cases from the received 1448 cases during 2015. In the reported year the number of cases increased by 13.5%. Since the establishment of the Financial Ombudsman's Office in Armenia on January 24, 2009 till January 21 2016 including, financial organizations received compensations through the intermediary of the Financial Ombudsman totaling 828 mln AMD on 4293 cases.

In 2015 Financial Ombudsman' Office received 3829 appeals, majority of which (3263) were against financial organizations. From the 1448 cases examined, 78.64% were settled for the benefit of the clients, and 59.5% of cases were settled positively via conciliation of parties.

At the same time, from the total number of cases taken for examination (1448 in 2015), the vast majority (1091) were against insurance companies, 327 against banks and 15 against Moto Insurers Bureau, 14 against credit companies, 1 case against payment and receiving organization.  The examination of another 218 has not been finished yet.

Throughout 2013-2015 the total number of appeals against financial organizations increased almost 3-fold (from 1311), while the number of the cases taken for examination increased almost 4-fold (from 392). Before that in 2012 Financial Ombudsman's Office registered growth of complaints and examined cases by 63.2% and 172.2% respectively, and in 2011 by 25% and 31% respectively, in 2010-by 70% and 93%. The significant growth of these indicators is the result of the consistent work of the Office aimed at raising public awareness about the Office's activities and applying new services.

To note, Financial Ombudsman's Office, which has been operating in Armenia since the beginning of 2009, provides services free of charge and financial organizations themselves pay for the Office work.