MINSK, 10 March (BelTA) – Belarus plans to establish a financial ombudsman service, Lyubov Slobodchikova, deputy head of the law directorate of the National Bank of the Republic of Belarus, told a press briefing held in BelTA's press center on 10 March.
“The National Bank is working on a president's draft decree on consumer protection in financial services. The document will establish a financial ombudsman service in Belarus,” the bank's representative noted.
When speaking about the global trends, Lyubov Slobodchikova highlighted the active use of alternative dispute resolution instruments in foreign countries. “Court procedures are not the only way of dispute resolution. In Belarus other forms are mediation and the court of referees. The financial ombudsman service will become another alternative instrument,” Lyubov Slobodchikova pointed out. It has advantage over court procedures and other institutions: in the first place, the service is prompt and free of charge.
According to Lyubov Slobodchikova, this institution operates in more than 50 countries. She also noted the positive track record of the service in Russia, Armenia and Kazakhstan which can be applied in Belarus.
According to the Belarus' National Bank, the current consumer rights legislation in Belarus is not sufficient. The bank is making efforts to complete the legislation in this area.
The National Bank of Belarus is drafting a law to protect consumer rights in financial services. It is supposed to provide the following mechanisms: specify consumer rights, elaborate the authority of governmental bodies that will protect consumer rights, regulate their coordination, define the terms, rights and responsibilities of the organizations providing financial services and specify other procedures. “The document is likely to elaborate on other topical issues. The draft is at the initial stage. We are developing its concept and we will continue to cooperate on it with other bodies,” Lyubov Slobodchikova said.
