The Reserve Bank of Fiji (RBF) has announced the creation of the Office of the Financial Services Ombuds (FSO) as part of the 2024 National Budget Address.
The FSO will act as an impartial entity for resolving disputes, specifically tasked with investigating, mediating, and ensuring fair resolutions between consumers and financial services providers licensed and regulated by the RBF.
This office aims to play a crucial role in providing consumers with a reliable mechanism for addressing their grievances, thereby enhancing trust and confidence in Fiji’s financial sector.
The Reserve Bank also announced the appointment of Wati Seeto as the inaugural Financial Services Ombudsperson.
Ms. Seeto brings 25 years of legal experience, including 15 years in financial regulation and consumer protection, having previously held senior roles at the Capital Markets Development Authority before joining the RBF in 2010.
“The creation of the FSO is a significant milestone in our ongoing efforts to enhance consumer protection and ensure the integrity of our financial system,” said RBF Governor Ariff Ali. “We are confident that under Ms. Seeto’s guidance, the FSO will effectively address consumer concerns and contribute to a more transparent and accountable financial sector.”
Consumers seeking assistance from the FSO will first need to exhaust the existing complaints mechanisms offered by financial institutions.
The FSO will commence operations today.