Financial System Mediator

Who we are In the Republic of Armenia, the Institute of the Mediator of the Financial System was introduced by the RA National Assembly on 17.06.2008 with the adoption of the RA Law "On the Mediator of the Financial System". The institution of the mediator (ombudsman) of the financial system is an independent form of alternative dispute resolution. The mediator's professional activity is the quick, efficient, free examination and resolution of claims submitted by individuals and micro-business entities against financial organizations. The absence of overly formal procedures in the process of examination and resolution of claims enables the Conciliator to become more accessible to the widest possible range of consumers. In carrying out his professional activity, the Mediator is independent and not accountable to anyone. The mediator's activity is based on the European Commission Directive No. 98/257/EC of March 30, 1998 "On the principles applicable to the bodies responsible for the out-of-court resolution of consumer disputes" and the European Union's "On Alternative Resolution of Consumer Disputes" Directive 2013/11/EU, as well as the principles of activity of extrajudicial dispute resolution bodies, including ombudsmen (conciliators), established by the International Network of Financial Ombudsmen (INFO Network) on the basis of international best practices. In order to support the activities of the mediator of the financial system, the "Office of the mediator of the financi...