Home / About us
About us
Who we are
In the Republic of Armenia, the Institute of the Mediator of the Financial System was introduced by the RA National Assembly on 17.06.2008 with the adoption of the RA Law "On the Mediator of the Financial System". The institution of the mediator (ombudsman) of the financial system is an independent form of alternative dispute resolution.
The mediator's professional activity is the quick, efficient, free examination and resolution of claims submitted by individuals and micro-business entities against financial organizations. The absence of overly formal procedures in the process of examination and resolution of claims enables the Conciliator to become more accessible to the widest possible range of consumers. In carrying out his professional activity, the Mediator is independent and not accountable to anyone.
The mediator's activity is based on the European Commission Directive No. 98/257/EC of March 30, 1998 "On the principles applicable to the bodies responsible for the out-of-court resolution of consumer disputes" and the European Union's "On Alternative Resolution of Consumer Disputes" Directive 2013/11/EU, as well as the principles of activity of extrajudicial dispute resolution bodies, including ombudsmen (conciliators), established by the International Network of Financial Ombudsmen (INFO Network) on the basis of international best practices.
In order to support the activities of the mediator of the financial system, the "Office of the mediator of the financial system" fund was established by the Central Bank on January 24, 2009, the governing bodies of which are the Board of Trustees and the Manager of the Office.
Organizational structure
The structure of the office and the scope of authority is defined in more detail by the Charter of the Office of the Financial System Mediator.
Board of Trustees
The Board of Trustees consists of seven members who are appointed as follows:
- one member is appointed by the Government of the Republic of Armenia,
- one member, the Board of the Central Bank,
- four members, the unions of financial organizations,
- one member, organizations protecting consumer rights.
The scope of powers of the Board of Trustees of the Office of Financial System Mediator is defined by the Law of the Republic of Armenia "On the Financial System Mediator" and the Charter of the "Financial System Mediator's Office" Foundation.
David Nahapetyan
Chairman of the Board
Arevshat Meliksetyan
Member of the Board
Armenuhi Mkrtchyan
Member of the Board
Khoren Kerobyan
Member of the Board
Karen Chilingaryan
Member of the Board
Naira Tshngryan
Member of the Board
Ruben Melikyan
Member of the Board
Mediators
According to the Republic of Armenia Law on Financial System Mediator, the Financial System Mediator shall have higher education and shall be of good repute, and shall have at least five years’ work experience. The Financial System Mediator may not be a person who has worked in any financial institution in the last three years. The Financial System Mediator cannot be engaged in entrepreneurial activity, be a member of management in any political party, hold a position in central or local governmental bodies, commercial organizations, perform other paid work, except for scientific, pedagogical and creative activities, and shall refrain from actions that cast doubt on their independence and impartiality.
The Financial System Mediator is appointed by the Board of Trustees of the Office, voted by at least five members, for a four-year term, and may be reappointed to the same position.
Number of Financial System Mediators shall be decided by Board. In case of presence of two or more Financial System Mediators, powers of Office Manager shall be executed by Chief Financial System Mediator who shall be appointed by Board decision from among Financial System Mediators. Chief Financial System Mediator shall continue to implement professional activities of Financial System Mediator.
Vazgen Mnatsakanyan
Principal Mediator and Chief Executive
Piruz Sargsyan
Financial System Mediator
Strategy
The strategic directions of the Office for 2021-2024 were approved by the Board of Trustees in order to guarantee the direct application of the principles of independence, justice, accessibility, and efficiency underlying the activity of extrajudicial dispute resolution bodies, including ombudsmen (conciliators), and to ensure the progress of the Office of the Conciliator.
In accordance with the strategic directions of the Office of the Conciliator, a program was developed detailing the specific measures, their results, and deadlines, which is the basis for the realization of the main strategic goals of the Office in the long term.
The strategic directions of the mediator's office for 2021-2024 are:
- Expanding the scope of activities of the mediator's office, improving the quality of customer service, and increasing efficiency.
- Increasing the level of public awareness, trust, and financial literacy of the population regarding the mediator's office.
- Strengthening partnership relations with financial organizations and improving cooperation mechanisms.
- Expansion of cooperation with state and non-state organizations, the study of international experience, and introduction of innovative solutions in the field.
- Improvement of operational procedures of the office.
