The Reserve Bank of Fiji (RBF) has announced the establishment of the Office of the Financial Services Ombuds (FSO) as introduced in the 2024 National Budget Address.
The FSO will function as an impartial platform for resolving disputes, specifically tasked with investigating, mediating, and ensuring fair resolutions between consumers and financial services providers that are licensed and regulated by the RBF.
This office will be pivotal in ensuring consumers have a reliable mechanism for addressing their grievances, thus fostering 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 be required to first exhaust the current complaints avenues provided by the financial institutions.
The FSO will begin operations today.