Russian Central Bank board extends powers of Yury Voronin as chief financial consumer ombudsman for another five years

MOSCOW. Aug 22 (Interfax) - The board of directors of the Central Bank of Russia has extended the powers of Yury Voronin as Russia's chief financial consumer ombudsman for another five years, the regulator said in a press release.

Voronin was first appointed as chief financial consumer ombudsman on September 3, 2018.

"According to Federal Law No. 123-FZ, dated June 4, 2018, 'On the Financial Consumer Ombudsman', the Chief Financial Ombudsman is appointed by the Bank of Russia Board of Directors as recommended by the Bank of Russia Governor and approved by the President of Russia," according to the press release.

The financial ombudsman service was established in the Russian Federation for the out-of-court settlement of disputes between consumers of financial services and financial institutions, including underwriters/insurers, banks, non-state pension funds, microfinance organizations, and credit cooperatives.