95% informed about the Office of the Financial System Mediator

Liana Yeghiazaryan

Piruz Sargsyan, who has been heading the Office of the Financial System Mediator of Armenia, has been reappointed to the position. Over the past four years 68% of about 3,100 complaints filed against the financial organizations have been solved in favor of the clients, Piruz Sargsyan told reporters today.

According to a poll conducted in 2009, only 12% were informed about the Financial System Mediator’s Office, only one third of them were aware what the Office was engaged in. A similar poll conduced in 2011 has shown that 95% are aware of the activity of the Office and are ready to apply to the mediator if the banks, insurance companies, pawnshops and crediting organizations violate their rights.

Throughout her term in office the Mediator has been engaged in educational programs for consumers, although it’s not part of her duties. Experience has shown, however, that problems with financial institutions often emerge because of ignorance.

Piruz Sargsyan said that this year most of the citizens have complained of insurance companies (400 cases), while the complaints against banks have been relatively fewer.

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