Armenian financial ombudsman to protect consumers and business

The Armenian financial ombudsman will protect consumers, small and medium-scale business, as stated by Armenak Darbinyan of the Central Bank, ARKA reports.

Financial Ombudswoman Piruz Sarkisyan noted that the ombudsman institution was capable of fulfilling all functions.

Armenian formed the first financial ombudsman office of the CIS on January 24, 2009, to protect bank clients and improve financial confidence of people. The office compensated losses of $187,000 for citizens in Q1 2012, compared with $142,000 in 2011 as a whole. The sum exceeded $71,000 in 2010 and $64,000 in 2009.