Consumers with legitimate concerns about financial institutions will soon have the opportunity to take their issues directly to the financial ombudsman. Minister of Finance Professor Biman Prasad announced this development during an interview with The Lens@177. He emphasized that this new mechanism will operate independently from the Reserve Bank of Fiji’s day-to-day activities.
“This is a significant decision by the Coalition Government,” stated the minister. “We possess the political determination to implement this, especially considering a report from 1999 had recommended the establishment of a banking ombudsman. This will now extend to all financial institutions.”
Professor Prasad highlighted that the financial ombudsman would not only scrutinize banks but also other financial entities. “Consumers often have numerous complaints about these institutions. Sometimes, these organizations manipulate policies, charges, and fees, leaving people with no recourse. The financial ombudsman will address these complaints efficiently and effectively,” he explained.