The UNDP Blue Ribbon Analytical and Advisory Center and the law firm of Dovgan & Partners have drafted a law that would establish a Financial Ombudsman Services (FOS) in the Ukraine. The FOS would serve consumers as an alternative dispute resolution mechanism in the financial services sector. The law suggests that the FOS should have both state and private funding, and that its services should be free for consumers. The Ombudsman would be elected for 6 years and would be vested with power to conduct discovery. The purpose of the FOS is to simplify and decrease the cost of dispute resolution, as well as to encourage consumers’ trust in the insurance companies and financial institutions.
http://www.kommersant.ua/doc.html?docId=1583295
http://brc.undp.org.ua/img/publications/Financial_Ombudsman_Report.pdf
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