Experience of Armenian Office of Financial System Mediator recognized the best in CIS by international partners

ArmInfo. Experience of the  Armenian Office of Financial System Mediator gained in 8 years of its  operation in the country has been recognized the best in CIS by  international partners, Financial System Mediator Piruz Sargsyan  stated today at the press conference attached to the 8th anniversary  of Financial System Mediator Office establishment in Armenia. She  noted that the number of complaints grew by 15% to 4735 in 2016,  major part of which (87% or 4118) are complains related to financial  system with 26% y-o-y growth. 

"The main reason of growth of complaints is introduction of new  products, increase of society's trust in the Office of Financial  System Mediator", she said. 

According to Sargsyan, total amount of compensations paid to citizens  by financial structures in 2016 totaled 157.3 mln drams. At the same  time she added that decision has not been taken yet on 228 cases  taken on by the Financial System Mediator in 2016. From the total  number of submitted claims 1523 complaints were taken for study,  which exceeds the indicator of the previous year by 5.18%. At the  same time 72% of the cases were decided in favor of  clients-individuals, 57.37% of which were decided positively via  conciliation of parties. 

Since the launch of the Office of Financial System Mediator in  Armenia in January 24, 2009 till January 24, 2017 inclusive,  financial organizations paid compensations amounting to more than 1  bln drams on 5768 cases.  The total number of submitted claims made  18310 throughout 8 years of the office operation in Armenia. 

To note, the amount of compensations paid to individuals by financial  organizations via Financial System Mediator's mediation in 2015  totaled 176.7 mln drams. The number of claims totaled 3829, major  part of which -3263 against financial organizations. From the 1448  cases taken for further proceeding 78.64% were decided in favor of  clients, 59.5% of cases were decided positively via conciliation of  the sides. 

To recall, services of the Office of Financial System Mediator are  free of charge and financial organizations pay for its work.