Lokhmanov D.V. Possible Enforcement Action for Violation of the Federal Law 'On the Financial Authorized Representative of Consumer Rights at Financial Organizations'

Abstract: At the present time Russian law does not have a effective institution of pre-trial settlement of disputes between physical entities, consumers of financial services, and organizations. Success of such an institution will directly depend on coercive measures a financial representative will be entitled to. The given draft law and associated amendments to other federal laws will be required to provide real mechanisms for the implementation of powers by financial ombudsman and the ability of credit organizations to additional types of liability. In the process of writing this article the following research methods have been used: hermeneutical approach, systems approach, methods of analysis and synthesis, induction and deduction, comparative law method and other methods that are usually used in legal research. According to the author, it is important to define particular functions and powers of the service of a financial ombudsman. This would allow to make the right decisions regarding the iternal structure of the insitution and dispute resolution procedures. Based on the author, it is also a disputable question whether administrative responsibility should be imposed on financial organizations that are not members of the Service of Financial Representatives due to the status and nature of legal relations arising between the Service and such organizations considering the fact that the service of financial representatives is a non-profit organization.  

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