On 5th August 2015 the Act concerning the complaint handling procedure by financial service providers and Financial Ombudsman was adopted. The act was announced in the Journal of Law on 10th September 2015. The Act was enter the force on 11th November 2015.
Chapter 4 of the Act concerning the extrajudicial ways of resolving disputes between a client and financial service provider was entered the force on 1st January 2016.
According to the article 54 of this Act, Insurance Ombudsman with the day the Act enters the force becomes Financial Ombudsman.
The Financial Ombudsman acting on the basis of the Act from 5th September 2015 concerning the complaints handling procedure by financial service providers and Financial Ombudsman (Journal of Law from 2015, item 1348) represents the interest of financial market clients.
The Financial Ombudsman can take actions in representing a client of the financial market in the process of handling a complaint.
The Financial Ombudsman can be asked for help in resolving a complaint in case an insurance service provider does not respond to the complaint in a reasonable period of time or does not fulfill other obligations determined in the regulation concerning the complaint handling process (e.g. fails to present in the insurance contract information concerning the complaint procedure or fails to provide a client with proper feedback to a complaint).
Legal documents concerning the Financial Ombudsman:
