The government has adopted a draft law on the handling of complaints and disputes of customers of financial market entities and the Financial Education Fund. We wrote about the market's concerns regarding the draft here. It assumes the transfer of the current powers of the Financial Ombudsman to the President of the OCCP. He will thus be authorized to intervene in individual financial market cases arising from complaints.
The authors of the draft argue that the accumulation of powers in the hands of the President of the OCCP will improve the level of protection of individuals within the financial market, ensure consistency in related activities, as well as adjust the level of protection to the rapidly changing realities of the financial market. Representatives of some interested circles point to systemic flaws in the draft and take the position that tasks in individual financial market cases should be performed by a specialized and independent body.
Initially, the draft assumed that the changes would be implemented from the beginning of the new year. It has now been decided that the new regulation will take effect 14 days after the announcement, with the exception of certain provisions that will take effect the day after the announcement.
