Troubleshooter: Financial Ombudsman reports more consumer claims in 2011

The Financial Ombudsman's Office handled more applications from consumers in 2011 than during the previous year, managing to nearly double the total amount of compensation paid to its applicants as a result.

The number of such claims was 803 (instead of 642 in 2010), while the total sum of compensation increased from some 29.3 million drams (about $75,000) in 2010 to 58.1 million drams (about $150,000) in 2011.

The Office of the Financial Ombudsman was set up in Armenia three years. It acts as a mediator in settling disputes between consumers and financial institutions and with its activities it also aims to promote public trust in the financial market.  Read more... (567 words)

Armenian News