№ 11/2015

Fìnansi Ukr. 2015 (11): 88–96

MARKET OF FINANCIAL SERVICES

KOTLJAREVSKYJ Jaroslav ¹, PANASENKO Hanna

¹SESE “Academy of Financial Management”, Research ID : http://www.researcherid.com/rid/I-4694-2017
OrcID ID : https://orcid.org/0000-0003-3542-6952

The role of banking ombudsman institute in increasing customer confidence in banks

The article is devoted to investigation of current issues related to the role and challenges of establishing the banking ombudsman in Ukraine as an effective tool to enhance customer confidence in banks. Special attention is given to research in the formation of regulatory framework of establishment and functioning of the ombudsman under recommendations of the World Bank and the UN experts. Also the author it is analyzed proposals on the institutional status of the banking ombudsman, as well as highlighted advantages and disadvantages of each institutional model are highlighted. The article contents studies of international experience of Financial Ombudsmen functions, including comparison of German and British banking ombudsman models, as well as and it is conducted comparison of dealing with bank`s customer complaints by British ombudsman and appeals submitted by costumers to the National Bank of Ukraine. The author defined institutional mission as banking ombudsman to build confidence of individuals in banks, It is formulated proposal for the establishment of banking ombudsman under the association of banks with participation of the National Bank of Ukraine to resolve conflicts between customers and banks, and it is recommended to introduce in each banking institution a new function to handle customer complaints by the responsible officer with appropriate qualifications and authority.

Keywords:financial market, market regulation, consumer protection, customer complaints, financial ombudsman

JEL: D53, G18, G21

Kotljarevskyj J. . The role of banking ombudsman institute in increasing customer confidence in banks / J. . Kotljarevskyj, H. Panasenko // Фінанси України. - 2015. - № 11. - C. 88-96.

Article original in Ukrainian (pp. 88 - 96)

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