Financial ombudsman in the field of consumer rights protection: a comparison of the experience of Russia and the United Kingdom

the article is dedicated to studying the experience of the financial ombudsman in the field of consumer rights protection in Russia and the United Kingdom. The latter is considered the most advanced country in this area. The article analyzes the legislatively defined goals of the institution and compares the effectiveness of their practical implementation. It is interesting to answer the question of whether the activities of the financial ombudsman in Russia, as a body for pre-trial dispute resolution between citizens and financial service organizations, truly enhance consumer protection and reduce the burden on the judicial system. Comparing the experiences of different countries is an optimal way to explore this issue. The research results show that with the adoption of Federal Law No. 123-FZ «On the Ombudsman for the Rights of Consumers of Financial Services» a significant step has been taken in the right direction. Attention is paid to the financial ombudsman not only at the legislative level but also in the practice of the Supreme Court of the Russian Federation. Nevertheless, problematic aspects remain, and certain aspects of the work of foreign ombudsmen appear more effective. Upon completing the comparison, the author proposes several measures to improve the institution of the financial ombudsman in Russia.

financial ombudsman, consumer, financial organization, procedure, decision