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In accordance with the relevant legal framework, the Financial Commissioner presents on an annual basis the activities of the past year.
The Office of the Financial Commissioner, with improved governance and an expanded range of competences, was a key reference point in the legislative arrangements adopted in December 2023. The strengthened institution has its own role to play in the common drive for sustainable development, making consumer protection an important value. A key objective is to promote dispute resolution in the financial sector, which includes not only credit institutions and credit purchase companies, but covers the whole spectrum such as investment companies, insurance companies, e-money institutions and payment institutions - through alternative means - outside the courts.
In 2023, an increase in the number of complaints filed was recorded that exceeded all previous records.
The Office of the Financial Ombudsman successfully met the objectives set for 2023, including the uninterrupted continuation of the Institution's operations after the expiry of the Financial Ombudsman's term of office and until the post is filled, managing an accumulated backlog of pending complaints, reducing the number of cases referred for expert review, prompt and effective implementation of the new regulatory framework in relation to the newly expanded responsibilities of the Financial Ombudsman and the new organisational structure.
The aim is to make the Financial Ombudsman Institution the tool available for finding as many out-of-court solutions as possible to disputes arising in the financial sector and for the solutions found to be accepted by all parties involved.
(MS/EATH)
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