Redress and Complaints
How to lodge a complaint against FSP
Step 1: Apply to a financial institution and follow up on the answer
Try to solve the complaint directly with the financial institution. Submit a written complaint to the complaints officer or send it to the postal or email addresses of the financial institution. To access the contact details of the FSPs Click Here. The FSP should provide you with an answer in 10 working days or 15 working days in the case of a complaint against the Credit Bureau.
Step 2: In case of unmatched expectations
If the financial institution has not responded within 10 or 15 days, or in case you need additional information, you can apply to:
Apply to the arbitration tribunal if:
- You have entered into an arbitration agreement with the organization that any disputes between you will be resolved by an arbitration tribunal.
- When signing a contract, you have the right to opt out of the arbitration agreement. The organization is obliged to provide you with the service even if you opt out of the arbitration agreement.
- It is important to note that even if you have entered into an arbitration agreement, you can still apply to the Financial System Mediator until the tribunal hears the complaint. The Financial System Mediator is not authorized to accept the complaint if it is already being examined by the tribunal.
- The Constitutional Court of Armenia
The court's decision is not subject to review by the Financial System Mediator or the Central Bank of Armenia.
You can also turn to the Central Bank of Armenia. Please note that:
- The CBA will respond to your complaint within 15 working days.
- If your complaint falls within the jurisdiction of another institution, the CBA will refer it to the concerned institution.
- The CBA recommends that you contact the financial institution with your complaint first. Template for complaint or lodge a complaint.
Report to CBA wrongdoing or unauthorized firm
You can also report to CBA wrongdoing or unauthorized firms.
The CBA is committed to protecting the rights of consumers and the integrity of the financial system. If you suspect that a financial institution or individual is engaged in wrongdoing or is operating without authorization, please report it to the CBA.
What to report
You can report various types of wrongdoing including
- Fraudulent activity such as scams or identity theft
- Misleading or unfair business practices
- Violations of consumer protection laws
- Unauthorized operation of a financial institution
How to report
You can report wrongdoing or unauthorized activity to the CBA in several ways:
- Online: submit a report through the CBA's website.
- By phone: call the CBA's hotline at +374 10 592 592.
- By mail: send a letter to the CBA at the following address: Armenia, Central Bank of Armenia, 6 Vazgen Sargsyan Street, 0010
What to include in your report
When you submit a report, please include as much information as possible such as:
- The name of the financial institution or individual you are reporting
- The date, time, and location of the alleged wrongdoing
- A detailed description of the incident
- Any supporting documentation such as copies of contracts, statements, or emails
What to expect
Once you have submitted a report, the CBA will investigate the matter. The Bank may contact you for additional information or to schedule an interview and will take appropriate action based on the results of its investigation.
Confidentiality
The CBA will keep all reports confidential; none of the individuals involved in the report will be identified.
Thank you for helping the CBA in protecting consumers and the financial system.