The Financial Reconciler Gets Complaints Mainly Against Banks


NOVEMBER 2, 2010

YEREVAN, NOVEMBER 2, ARMENPRESS: The achievement of the office of the
financial reconciler since its establishment till now is that the
customers of the financial services already know about the office,
its mission, main issues: the office serves for the implementation
of goals initially put by the legislative power, Piruz Sargsyan,
the reconciler of the financial system said at a news conference
today in “Armenpress” press center.

Since its activity (January 24, 2009) the office has registered
that there is a tendency of stable growth of the general number
of complaints which testifies about the increase of the level of
awareness of customers. As compared with the ten months of the past
year, this year the presented demands has grown by 120%. During this
year the office of reconciler received 527 complaints directed toward
financial organizations.

The complaints are mainly against banks. Second comes lombards,
though last year the complaints were mainly received against insurance

The 55% of cases examined by the office were solved in favor of a
customer. The greatest amount of compensation was 5,1 million AMD
and the smallest 1000 AMD.

The reconciler said the office does not possess information whether
its dissatisfied clients applied to court or not but assured that
the employees of the office are consistent toward each examined case,
but the clients, not satisfied with our decision, later informed that
they have not applied to court. The reconciler explained that after
some time the client gets convinced that the position expressed by
the office is just.

The calls and visits not connected with the financial organizations
are a lot. The office provided each such client a consultation,
explaining their rights and committements.

The office of the financial reconciler is establishment working with
independent management system and has been founded by the Armenian
Central Bank. It is called to solve the property disputes between
physical consumers and financial organizations. The services of the
reconciler are free.

Besides, the main functions the office is organzing conferences,
involves interns, conducts seminars, etc.

It also cooperates with financial ombudsmen of Great Britain, France,
and others.

From: A. Papazian

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