Consumers with genuine concerns about financial institutions will soon be able to directly address these issues with a financial ombudsman.
Finance Minister Professor Biman Prasad announced to The Lens@177 this week that this initiative will be independent of the Reserve Bank of Fiji’s daily operations.
“This is a significant decision by the Coalition Government,” the minister stated. “We have the political will to implement this because a 1999 report recommended the establishment of a banking ombudsman, and this will extend to all financial institutions.”
Prof. Prasad emphasized that this ombudsman will oversee not just banks, but all other financial entities. “Consumers have numerous complaints about these institutions. Sometimes, these entities manipulate policies, fees, and charges. With a financial ombudsman, people will have a reliable recourse to address their complaints efficiently and effectively.”