Document from CIS Legislation database © 2003-2019 SojuzPravoInform LLC


of June 4, 2018 No. 123-FZ

About the representative for the rights of consumers of financial services

Accepted by the State Duma on May 24, 2018

Approved by the Federation Council on May 30, 2018

Chapter 1. General provisions

Article 1. Subject of regulation of this Federal Law

This Federal Law for the purpose of protection of the rights and legitimate interests of consumers of financial services determines legal status of the representative for the rights of consumers of financial services (further - the financial representative), procedure for pre-judicial settlement by the financial representative of disputes between consumers of financial services and the financial organizations (further - the parties), and also the legal basis of interaction of the financial organizations with the financial representative.

Chapter 2. Status, purposes of activities and power of the financial representative

Article 2. Financial representative

1. The position of the financial representative is established according to this Federal Law for consideration of addresses of consumers of financial services on satisfaction of requirements of property nature imposed to the financial organizations which rendered them financial services (further - addresses).

2. For the purposes of this Federal Law the consumer of financial services is understood as the physical person which is the agreement party, or person for benefit of whom the agreement, or person to whom the financial service is rendered for the purpose of, not connected with implementation of business activity is signed.

3. In case of transition to the other person of right to claim of the consumer of financial services to the financial organization the specified person also has obligations provided by this Federal Law.

4. The financial representative when implementing the powers is independent of federal bodies of the government, public authorities of subjects of the Russian Federation, local government bodies, the Central bank of the Russian Federation (Bank of Russia) and other organizations, officials.

5. Activities of the financial representative are performed according to the principles of legality, respect of rights and freedoms of man and citizen, conscientiousness and justice.

6. Act as the financial representative:

1) chief financial representative;

2) financial representatives in spheres of financial services.

7. Chief financial representative:

1) performs powers of the financial representative in all spheres of financial services;

2) performs coordination of activities of the financial representatives considering addresses in certain spheres of financial services;

Supervises 3) and controls activities of service of ensuring activities of the financial representative.

8. Financial representatives in spheres of financial services (further also - financial representatives) perform the activities according to the procedure, established by this Federal Law.

9. Spheres of financial services for consideration of addresses in which positions of financial representatives are established, are determined by the Board of directors of the Bank of Russia. Information on spheres of financial services for consideration of addresses in which positions of financial representatives are established, is posted on the official site of the Bank of Russia on the Internet, and also on the official site of the financial representative on the Internet.

Article 3. Requirements to the financial representative

1. The financial representative the citizen of the Russian Federation not younger thirty five years with the higher legal or economic education (the chief financial representative - with the higher legal education), the having work experience in the sphere of the financial market, regulation, control and supervision in the financial market or consumer protection of financial services in total at least five years or the having length of service by the judge at least ten years can be appointed.

2. The financial representative has no right to be the member of the Federation Council of Federal Assembly of the Russian Federation, the deputy of the State Duma of Federal Assembly of the Russian Federation, the deputy of legislative (representative) public authority of the subject of the Russian Federation, the deputy of representative body of the municipality, to be engaged in other paid activities, except for teaching, scientific and other creative activities.

3. The financial representative shall stop activities, incompatible with its status, within thirty days from the date of position assignment.

4. The financial representative shall have faultless goodwill and shall be independent of the parties by consideration of the specific address.

Full text available with active License only!

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

Effectively work with search system

Database include more 38000 documents. You can find needed documents using search system. For effective work you can mix any on documents parameters: country, documents type, date range, teams or tags.

Get help

If you cannot find the required document, or you do not know where to begin, go to Help section.

In this section, we’ve tried to describe in detail the features and capabilities of the system, as well as the most effective techniques for working with the database.

You also may open the section Frequently asked questions. This section provides answers to questions set by users.

Search engine created by SojuzPravoInform LLC. UI/UX design by Intelliants.