7.4. Emergence and Development of the Institute of Financial Ombudsman as an Effective Legal Remedy for Citizens

Tuesday, May 18
17:15 - 19:00

Channel 1
BROADCAST
Open Access Live Stream

Track: 7. Public Law. Constitutional Law
Discussion session

The updated Russian Constitution requires public institutions to focus their efforts on protecting the social and economic rights of citizens and ensuring equal opportunities for all people throughout the state. The issue of prompt settlement and effective resolution of legal conflicts involving citizens - consumers of financial services, especially vulnerable categories of population: retired people, people with disabilities, and other citizens in need of social protection - is of particular urgency. Legal remedies must be accessible, relevant, effective and capable to prevent the violation or its continuation, or provide an adequate compensation for any infringement that took place.

Such legal remedies include a rather recent, but already reputable institution of the Financial Ombudsman. The results of the first two years of its functioning demonstrate the effectiveness of the new pre-trial procedure for settling disputes in the financial market, the decrease in the time for consideration of disputes, and the reduction of their total number.     

Discussion of the practicality and prospects for the development of mandatory pre-trial dispute resolution will make it possible to conclude that there is an urgent need for new tools that will be used seamlessly and comprehensively by consumers and service providers, as well as by supervisory and jurisdictional authorities to strengthen the rule of law in the financial market.      

Goal: to discuss the results of the Financial Ombudsman institution, its current problems and development prospects.

Topics for discussion:

  • The results of Financial Ombudsmen’s work in 2020: analysis of statistical data, conclusions on the effectiveness of the institution for consumers, the financial market, and the judicial system.
  • Problematic issues of legal regulation of the Financial Ombudsman: the correlation of the Federal Law "On the Financial Ombudsman" with the norms of the Civil Procedural Code of the Russian Federation; the possibility for the Financial Ombudsman to apply legal mechanisms available to the courts (Articles 10 and 333 of the RF Civil Code, etc.); discretion in the activities of the Financial Ombudsman, evidence and the scope of its assessment by the Financial Ombudsman.
  • The model of future legislation in the context of mandatory pre-trial dispute resolution.

Moderator

Yuri Voronin

Chief Financial Ombudsman

Speakers

Igor Divinskiy

Deputy of the State Duma of the Federal Assembly of the Russian Federation, Chairman of thе Public Council under the Chief Financial Ombudsman

Mikhail Krotov

Judge of the Supreme Court of the Russian Federation

Sergey Shvetsov

First Deputy Governor, Bank of Russia

Biography

Born on 27 December 1970 in Moscow.

Education

1993: graduated from the Lomonosov Moscow State University with a degree in mathematical economics.

Career

1993–1996: 2nd Category Economist, Lead Economist, Sector Leader in the International Finance Division of the Bank of Russia’s Foreign Operations Department.

1996–2001: Deputy Head, Head of the Representative Office of Ost-West Handelsbank AG in Moscow.

2001–2003: Director of the Bank of Russia’s Open Market Operations Department.

2003–2011: Director of the Bank of Russia’s Market Operations Department.

2011–2013: Deputy Governor of the Bank of Russia.

1 September 2013 — 2 March 2014: First Deputy Governor of the Bank of Russia — Head of the Bank of Russia’s Financial Markets Service.

Since 3 March 2014: First Deputy Governor of the Bank of Russia.

Member of the Bank of Russia Board of Directors (since 10 October 2018).

Igor Yurgens

President of the All-Russian Union of Insurers, Member of the Council of the Financial Ombudsman Service


* The Programme may be subject to change