Azerbaijan approves financial ombudsman statute

Azerbaijan approves financial ombudsman statute Ombudsman regulations will be approved in 2 months
February 7, 2017 14:03
Azerbaijan approves financial ombudsman statute

Baku. 7 February. REPORT.AZ/ Azerbaijan took another step towards creation of financial ombudsman

The Executive Director of Azerbaijan Banks Association (ABA) Yunus Abdulov told Report.

According to him, Ombudsman statute has been approved. ABA adopted this decision in its last meeting.

Next stage envisages adoption of regulations, which will take about 2 months. Only after this the financial ombudsman will be able to investigate disputes between banks and customers.

Notably, ABA initiated idea of creation of ombudsman in financial sector. The aim is bolstering confidence of customers to banks and solving problems without filing lawsuits in court.

Financial ombudsman will investigate disputes below 2000 USD. However, ombudsman will investigate disputes with banks who will sign “Declaration on transferring disputes with customers to Banking Ombudsman”.

Moreover, financial ombudsman may reject investigation of dispute in below cases:

- If there is court decision on the issue;

- If the ombudsman has already investigated the issue and approved conciliation act or solved the dispute in appropriate way;

- If more than two years passed after alleged irregularity;

- If the issue is matter of general banking operations, type of service or policy;

- If there is a criminal behavior upon existing legislation;

- If the issue is in assessment phase and contract or agreement hasn’t been signed;

- If the issue is matter of bank’s pricing policy;

- If the license of financial institution was suspended or it was liquidated;

- If the applicant is not legally eligible or partially eligible.

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