The Reserve Bank of Fiji (RBF) has announced the establishment of the Office of the Financial Services Ombuds (FSO), as highlighted in the 2024 National Budget Address.
The FSO is designed to be an impartial platform for resolving disputes, specifically focusing on investigating, mediating, and ensuring fair resolutions between consumers and financial services providers licensed and regulated by the RBF.
The office will play a vital role in providing consumers with a reliable method for addressing their grievances, thereby fostering trust and confidence in Fiji’s financial sector.
The Reserve Bank has appointed 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 served in senior roles at the Capital Markets Development Authority before joining the RBF in 2010.
RBF Governor Ariff Ali stated, “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. 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 must first exhaust the current complaints avenues provided by the financial institutions.
The FSO will begin operations today.