Azernews.Az

By Trend

Obligations of the Azerbaijani bank ombudsman will be increased in 2018, Elchin Hasanov, executive secretary of the bank ombudsman, said in an interview to the newspaper of the Azerbaijan Banks Association Dec. 28.

He said the work is underway to rename the bank ombudsman and establish the institute of financial ombudsman.

"The work is also underway to adopt legislation regulating the activity of the institute of financial ombudsman,” he said. “The adoption of this law will allow the population to resolve disagreements that arise not only with banks, but also with insurance companies and other participants of the financial market without appealing to judicial instances. A bill has been already prepared and it is being discussed.”

Hasanov also stressed that in the future the bank ombudsman will consider financial disputes worth over $2,000.

"Presently, the ombudsman considers financial disputes worth up to $2,000,” Hasanov said. “The reason is that the initial goal was to solve the problems of low-income layers of the population."

Hasanov said that since the beginning of the activity of the bank ombudsman, 163 appeals have been submitted for consideration.

The bank ombudsman in Azerbaijan launched activity in September 2017.

Twenty-three banks and one non-bank organization have signed agreements with the bank ombudsman of Azerbaijan.

The bank ombudsman in Azerbaijan is Ikram Karimov.

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