An Institute of Financial Ombudsman is planned to be created in Belarus. In other words, a new institution which will protect consumer rights in financial services. The National Bank of the Republic of Belarus will present the draft of the document in 2017.
This institution operates successfully in more than 50 countries. In relation to the legal process, this institution’s main advantage is its gratuitousness of adjudications and its efficiency.
Lyubov Slobodchikova, Deputy Head of the Law Directorate of the National Bank of the Republic of Belarus:
In what cases can a person apply to a financial ombudsman? First of all the complaint procedure must be complied with. It means that the consumer must primarily address the organization which rendered financial facilities. Secondly, this dispute mustn’t be a subject of examination in court. The Bank considers establishing a threshold amount of no more than 500 base values when reviewing a dispute.
What is more, the National Bank of the Republic of Belarus has already started working on the law, which will protect consumer rights in financial services. It is assumed that the consumer rights and the authority of governmental bodies that will protect consumer rights will be described in detail in this law.