Consumers with legitimate concerns about financial institutions will now be able to address their issues directly with the financial ombudsman. Minister of Finance Professor Biman Prasad announced this week that this new role will be independent of the Reserve Bank of Fiji’s daily operations.
“This is a significant decision by the Coalition Government,” stated the minister. “We have the political will to establish this because a report in 1999 had recommended a banking ombudsman. This will be a financial institutions ombudsman.”
Prof Prasad explained that the ombudsman will not only oversee banks but all financial institutions. “Consumers have numerous complaints about some of these entities,” he said. “Sometimes, they manipulate policies, fees, and charges. People have had no recourse, so the financial ombudsman will handle these complaints efficiently and effectively.”