YEREVAN, JUNE 5, NOYAN TAPAN. At the June 5 sitting, the government approved the bill on ombudsman of the financial system, the bill on consumer credits and the bill on attraction of bank deposits. The deputy chairman of the Central Bank of Armenia (CBA) Arthur Javadian told reporters following the sitting that the purpose of the bills is to protect thr rights of consumers using financial services and to increase consumers' trust in the financial system. Adoption of the law on ombudsman of the financial system will allow citizens to file complaints against financial organizations to the omudsman of the financial system, whose services will be free of charge. The major task of the ombudsman is to reconcile the citizen and the financial organization by proposing a mutually acceptable solution to their problem. The ombusdman will be appointed by the Council of Ombudsman of the Financial System to be composed of 7 members, including 4 representatives of financial organizations, one representative of the consumer rights protection unions, one government representative and one representative of the CBA.

---