Financial Ombudsman to appear in Azerbaijan

Financial ombudsman is going to be established in Azerbaijan to protect rights of consumers in financial sector and solve the problems operatively, said the Head of State Insurance Supervision Service under the Ministry of Finance Namig Khalilov.

 Note that in connection with problems in financial sector, the consumers can appeal to state bodies regulating that field (State Insurance Supervision Service and CBA) and judicial instances. He says regulatory agencies are not always able to solve the problem: ‘Sometimes the investigation of any complaint is out of our responsibilities. These complaints require special investigation, expertise and etc. in such cases, we advice complainants to apply the courts’.

But sometimes complainants do not apply the courts due to small amount, time-loss and extra expenditures: ‘That is why the developed countries create a separate ombudsman institute’. According to the international practice, financial ombudsman services are rendered freely.

Head of the service said that financial ombudsman also had some limitations and procedures.

Note that the issue on creation of financial ombudsman is discussed at the seminar on ‘Protection of consumers and increase of their financial literacy’. The seminar will host presentations on practice of Great Britain and Kazakhstan in this sphere.


It has not been fixed when this institute will be created in Azerbaijan. Khalilov says a relevant legislation base must be established for this.


/APA/