Consumers with legitimate concerns about financial institutions will now have the opportunity to address them directly to the financial ombudsman.
Minister of Finance Professor Biman Prasad revealed in an interview with The Lens@177 that this initiative will operate independently from the daily functions of the Reserve Bank of Fiji.
“This is a significant decision by the Coalition Government,” said the minister. “We possess the political will to implement this because a report from 1999 recommended a banking ombudsman, and now we are extending this to all financial institutions.”
Prof Prasad emphasized that this ombudsman will not only oversee banks but all other financial institutions as well.
“Consumers have numerous complaints about some of these institutions,” he said. “They often encounter difficulties with policies, charges, and fees. With no recourse available, the financial ombudsman will be able to address these complaints efficiently and effectively.”