Conference #5


4-5 September, 2014, Tsaghkadzor, Republic of Armenia

Financial Ombudsman Institute: Increasing public confidence and enhancing financial mediation - 5

Please click on the names of speakers to read the speeches. 

The conference booklet can be found here.

Thursday, September 4

10:00 - 10:15
Welcome by A. Javadyan - the chairman of the Central Bank of Armenia and P. Sargsyan, the Mediator
10:15 - 10:30
Presentation by the Financial System Mediator of Armenia (FSM)
Overview of the FSM activities, 5th year anniversary, projects and statistics

Speaker: Piruz Sargsyan

10:30 - 11:15
Savings banks in Europe and Germany: responsible finance and fair market conduct

  • The development history of savings banks in Europe and Germany
  • The behavior of savings banks during the financial crises, market gain or loss
  • Responsible finance, "know your customer" issues; fiduciary duties

Speaker: Dr. Ilonka Ruhle 
Head of Division, Savings Banks Foundation for International Cooperation (SBFIC)

11:30 - 12:15
Consumer rights as the international basis of consumer protection

  • Consumers International - role and functions
  • Violation of consumer rights in financial sector; types of complaints received
  • Responsible lending
  • Informed consumer choice; consumer education by Consumers International

Speaker: Robin Simpson
Senior Policy Adviser, Consumers International

12:15 - 13:00
European Directive on ADR. Implementation by Germany. The complaint scheme of the Insurance Ombudsman.

  • EU Directive on ADR, implementation of the directive by Germany
  • Institutional framework in financial consumer protection area in Germany
  • Judicial system vs. ADR in financial system of Germany
  • The complaint scheme of the Insurance Ombudsman; types of complaints handled and the nature of decisions and recommendations

Speaker: Prof. Dr. Günter Hirsch
Insurance Ombudsman, Germany

14:30 - 15:15
Canadian model of financial regulatory framework and fair market conduct

  • Financial Supervisory framework in Canada; financial consumer protection issues and the role of the Ombudsman
  • Global financial crises and regulatory amendments
  • Anti competitive behavior in financial markets
  • Types of complaints handled and the nature of decisions and recommendations of the Ombudsman

Speaker: Douglas Melville
Ombudsman for Banking Services and Investments, Canada
15:15 - 16:00
The Dutch financial regulatory framework and the Office of Financial Ombudsman (The Kifid)

  • Financial Supervisory framework in the Netherlands;
  • The role of the Ombudsman; processes and procedures
  • Coordination of activities and cooperation between the Ombudsman and the Regulator
  • Types of complaints handled and the nature of decisions and recommendations of the Kifid

Speaker: Nol Monster
Financial Ombudsman, Kifid: The Financial Services Complaints Institute

16:00 - 16:45
Panel discussion
Topic 1:  How deep should Ombudsman go? Should Ombudsman be limited by the merits of the complaint or should Ombudsman go beyond it.

Topic 2: What is fair compensation? Should Ombudsman advise the customer in the process of mediation? Should Ombudsman interfere when the customer is happy with compensation offered through mediation although the compensation is lower than it could have been if the case was resolved through a compulsory decision.
Moderator: Robin Simpson
Speakers: Prof. Dr. Günter Hirsch, Nol Monster, Douglas Melville

Friday, September 5

09:30 - 10:15
Panel discussion
Interest rate restrictions on consumer credit- pros and cons

  • Interest rate ceilings on consumer credit: country examples
  • Different forms of interest rate restrictions as a consumer protection tool
  • Effectiveness of interest rate restrictions

Moderator: Douglas Melville
Speakers: Hranush AghayanDr. Ilonka Ruhle,  Nol Monster

10:15 - 11:30
Introduction of new and innovative financial products to increase financial capability
Topic 1. Microinsurance as a financial inclusion tool

  • Role of microinsurance for sustainable development
  • Demand and potential for microinsurance among key stakeholders
  • Figures and case studies

Speaker: Véronique Faber
Executive Director, Microinsurance network

Topic 2. Mobile payments, financial inclusion and consumer protection

  • Types of mobile payments
  • Need for regulation
  • Consumer protection issues

Speaker: Robin Simpson
Senior Policy Adviser, Consumers International

11:45 - 12:30
Moral damage compensation: legal situation and practice

  • Concept of "moral damage"
  • Description and types of "moral damage"
  • Measuring material distress or material inconvenience to award compensation

Speaker: Grigor Bekmezyan
Chief Legal Counsel, NASDAQ OMX Armenia
14:00 - 15:45
Industry specific topics
Session 1: Banking casework

  • Mortgage payment default cases
  • Phishing; financial scams (different forms of pyramids)
  • Consumer credit cases, recent regulatory amendments

Moderator: Ilonka Ruhle

Speakers: Douglas Melville, Nol Monster

Session 2: Insurance casework

  • Insurance cases; need for external expertise 
  • Health and property insurance complaints
  • Dealing with cases containing fraudulent elements
  • Microinsurance Learning and Knowledge (MILK) Project

Moderator: Véronique Faber
Speakers: Felipe BoteroNol Monster, Prof. Dr. Günter Hirsch

15:45 - 16:00
Certificates of participation awarded, closing remarks