The Reserve Bank of Fiji (RBF) has announced the creation of the Office of the Financial Services Ombuds (FSO) as detailed in the 2024 National Budget Address.
The FSO will act as an impartial platform for resolving disputes, tasked with 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 a reliable mechanism for consumers to address their grievances, thereby fostering trust and confidence in Fiji’s financial sector.
In line with this development, 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 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 need to first exhaust the complaints avenues provided by their financial institutions.
The FSO begins operations today.