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Over 50% of appeals to Azerbaijan’s banking ombudsman resolved in pre-trial stage

Business Materials 25 September 2018 17:24 (UTC +04:00)

Baku, Azerbaijan, Sept. 25

By Anvar Mammadov - Trend:

More than half of the appeals received by the banking ombudsman in Azerbaijan have been resolved in pre-trial stage, Executive Secretary of the Banking Ombudsman Elchin Hasanov told Trend Sept. 25.

Hasanov noted that the number of appeals has significantly decreased in recent months.

"Since the beginning of our activity last year, we have received 313 appeals, of which only 107 relate to the banking ombudsman. The matter is that the people refer to the ombudsman on any occasion even if they have problems not with banks, and with other financial institutions - credit unions, non-bank credit organizations and so on. Also if a case is already at the court or there is a court decision on it, the banking ombudsman cannot deal with it. In total, more than half of the received appeals has been resolved in pre-trial stage. I note that since June, the number of appeals has decreased significantly," he said.

Hasanov said it is possible that the banking ombudsman will consider financial disputes worth more than $2,000 in the future.

"Currently, the ombudsman considers financial disputes worth up to $2,000. The reason is that the original goal was to solve the problems of the economically disadvantaged people. Currently, the number of customers who have disagreements with banks in the amount of up to $2,000 exceeds 100,000. The increase in the amount will cause an increase in the number of customers. Therefore, the current amount is more realistic. But it is possible that the amount will increase in the future. This issue may be considered next year," he said.

The banking ombudsman in Azerbaijan started activities in September 2017.

To date, 23 banks and one non-bank credit organization have signed agreements with the banking ombudsman of Azerbaijan.

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