The Office of Financial System Mediator is receptive to best international practice and pursues to be a prestigious, independent, transparent and credible institution. We try to do our best to justify the expectations of all stakeholders, government and non-government, about an establishment that is exclusive in its kind to offer alternative dispute resolution and move ahead with more possibilities. In fulfillment of its mission and effective implementation of long-term goals, the Office outlines the following strategic objectives and the ways to achieve them.
The vision of the Office of Financial System Mediator is to have financially literate and protected consumers in financial market.
Strategic objectives of the Office of Financial System Mediator are:
- Raising and strengthening the level of trust in the financial system,
- Protecting consumer rights and interests,
- Increasing public confidence in the financial system and enhancing financial inclusion.
The strategic plan of the Office of Financial System Mediator sets forth a bunch of goals and tasks to fulfil the strategic objectives as well as has policies, programs, projects on how to achieve each of them.
Core values of the Office
Effectiveness, competence and openness are very important pillars which determine how well the Office functions and how much public trust it has earned so far. The following are core values which underlie day-to-day activities of the Office:
1. Impartiality in case review: When reviewing a claim, the Mediator is governed by the Republic of Armenia Constitution and laws and demonstrates unbiased approach towards everyone, while strictly adhering to the fundamental principles of fairness and equality before the law.
2. Equality and equal rights for the parties: When making decisions, which is based on best international practice, the Mediator not only considers requirements of law and customary business practices but also the principle of equality of rights, for a simple reason to prevent any regulatory provision’s direct impact on one of the parties when it seems it could lead to an obviously unfair resolution.
3. Caring attitude towards the customer: Each client receives due care at the Office. Staff members do their best to avoid causing inconveniences to customers while seeking to safeguard them from possible red tape and make sure they are not paying extra money for whatever service.
4. Priority to reconciliation of the parties: The Mediator will always endeavor dispute resolution by achieving reconciliation between the parties in the first place, working out a faster outcome for the case and finding solution that is preferable to either party. In doing so, the Mediator understands that restoring healthy business relationships between the organization and its customer is vital.
5. Operational effectiveness: Handling and review of claims as well as project implementation should be organized in such a way that the efforts spent bring about the desired outcome. This is what we appreciate most. The effectiveness in claim handling and review comes with prompt and fair examination of the case, while efforts and resources should be mobilized competently for successful implementation of projects.
6. Transparency and openness: The Mediator activities are subject to public disclosure through the website of the Office as well as reports which are publishable in the mass media.
7. Partnership and confidentiality: The Mediator always maintains good business relations with financial institutions and, where possible, seeks to expand cooperation with them. The Mediator understands that confidentiality is key, and it is maintained unless the financial institution has committed a gross and massive violation of civilian rights or when concealing the name of the organization may undermine the stability of the financial system.
8. Professionalism and teamwork: The Office challenges its staff to follow high standards of professionalism and performance all the time while encouraging them to go a path of professional development. The importance of teamwork in the Office is underscored yet every employee is encouraged to exercise the right to voice personal opinion with regard to any issues.
9. International cooperation and innovative solutions: The Office regularly collaborates with similar organizations abroad with the aim of sharing experience and learning best practices from each other. The Office has a fresh attitude of bringing its programs, services, claim handling and review procedures together with innovative approaches and methods to increase overall efficiency.
10. Take a lead at a regional level in the field of protecting consumer rights and interests in the financial market: The Office of Mediator continues supporting the creation of ombudsman offices in post-Soviet countries and facilitates the transfer of field knowledge and experience. The Mediator readily involves financial ombudsmen or representatives of supervisory authorities of post-Soviet countries to take part in international conferences organized in-house, which is a good platform for cooperation.