Bank­ing Om­buds­man to take of­fice soon

Azer News - - Nation - By Sara Is­rafil­bay­ova

In­sti­tute of Bank­ing Om­buds­man, which will op­er­ate un­der the As­so­ci­a­tion of Banks of Azer­bai­jan (ABA), will be launched till the end of this week.

Ac­tiv­i­ties of the In­sti­tute of Bank­ing Om­buds­man are de­signed to pro­vide prac­ti­cal as­sis­tance in over­com­ing dif­fer­ences, as well as to sim­plify, speed up the pro­ce­dure for con­sid­er­ing the is­sues that have arisen on mort­gages be­tween the bank and the bor­rower.

The As­so­ci­a­tion re­ported that a web­site is al­most ready, through which it will be pos­si­ble to send ap­peals (www.bankom­buds­

Be­fore send­ing an ap­peal to the Om­buds­man, an in­di­vid­ual must send his/ her claims to the bank in writ­ing. In turn, the bank must pro­vide the claimer with an an­swer within 30 days. An in­di­vid­ual can ap­ply to the Om­buds­man within 60 days af­ter re­ceiv­ing the an­swer or 30 days af­ter the let­ter was sent to the bank.

The om­buds­man is ex­pected to han­dle dis­putes with the amount of a claim up to $2,000. In ad­di­tion, the om­buds­man ac­tiv­ity will cover only those banks that signed the Dec­la­ra­tion on the trans­fer of dis­putes in­volv­ing in­di­vid­u­als - clients of the fi­nan­cial in­sti­tu­tion to the Bank­ing Om­buds­man.

The Bank­ing Om­buds­man is not en­ti­tled to take de­ci­sions on mak­ing amend­ments and ad­di­tions to mort­gage loan agree­ments, in­clud­ing ter­mi­na­tion of (full or par­tial) obli­ga­tions of the par­ties to the con­tract. The com­pe­tence of the bank­ing om­buds­man in­cludes hold­ing meet­ings and pro­vid­ing banks with rec­om­men­da­tions on the bor­row­ers' ap­peals con­cern­ing changes in mort­gage con­di­tions.

The Om­buds­man is­sues a con­clu­sion about the pos­si­bil­ity or im­pos­si­bil­ity of set­tling dis­putes. The Om­buds­man is in­de­pen­dent in ac­tiv­ity, any in­ter­fer­ence in the ac­tiv­ity when con­sid­er­ing ap­peals is un­ac­cept­able.

The In­sti­tute of Bank­ing Om­buds­man ex­ists in such coun­tries as the United King­dom, New Zealand, In­dia, Kaza­khstan and oth­ers.

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