The Reserve Bank of Fiji (RBF) has officially established the Office of the Financial Services Ombuds (FSO), as outlined in the 2024 National Budget Address. The FSO is designed to provide an impartial forum for resolving disputes by investigating, mediating, and ensuring fair outcomes between consumers and financial services providers that are licensed and regulated by the RBF.
This office aims to offer consumers a dependable mechanism for voicing their complaints, which will help to build trust and confidence in Fiji’s financial sector. The Reserve Bank has appointed Wati Seeto as the first Financial Services Ombudsperson. Ms. Seeto has 25 years of legal experience, including 15 years in financial regulation and consumer protection, having previously worked in senior positions 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.” He expressed confidence that, under Ms. Seeto’s leadership, the FSO would effectively handle consumer concerns and promote a more transparent and accountable financial sector.
Consumers seeking help from the FSO must first attempt to resolve their issues through the existing complaints processes offered by financial institutions. The FSO will commence operations today.