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FEDERAL LAW OF THE RUSSIAN FEDERATION

of June 4, 2018 No. 123-FZ

About the representative for the rights of consumers of financial services

(as amended on 02-07-2021)

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, constantly living in the Russian Federation, not having nationality (citizenship) of the foreign state or the residence permit or other document confirming the right to permanent residence of the citizen of the Russian Federation in the territory of foreign state, having the higher legal or economic education (the chief financial representative - the higher legal education) and 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 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.

5. The citizen of the Russian Federation whose powers as the judge of court of law or Arbitration Court, the arbitration judge, the lawyer, the notary, the investigator, the prosecutor or other employee of law enforcement agencies were stopped in the procedure established by the law in connection with making of offenses, incompatible with its professional activity, cannot be the financial representative. The nominated person having not removed or unspent conviction for making of intentional crime, and also person concerning whom the decision on its disqualification, or the face included in the database which is kept by the Bank of Russia according to article 75 of the Federal Law of July 10, 2002 No. 86-FZ "About the Central bank the Russian Federation (Bank of Russia)" was passed cannot be the financial representative.

6. The financial representative has no right to consider addresses in case of personal interest in case of execution of job responsibilities which brings or can lead to conflict of interest, and No. 273-FZ "About anti-corruption" shall take measures for non-admission of any possibility of conflict of interest, and also measure for prevention or settlement of conflicting interests according to the Federal Law of December 25, 2008.

7. The citizens applying for position of the chief financial representative, financial representative in spheres of financial services or holding the specified positions represent data on the income, expenses, on property and obligations of property nature, and also data on the income, expenses, on the property and obligations of property nature of the of the spouse (spouse) and minor children according to the procedure established by the Federal Law of December 25, 2008 No. 273-FZ "About anti-corruption", the Federal Law of December 3, 2012 No. 230-FZ "About control of compliance of expenses of persons replacing the state positions, and other persons to their income" and regulatory legal acts of the President of the Russian Federation.

8. Age limit of continuance in office of the financial representative - seventy years. The power of the person holding position of the financial representative stop in the last day of month in which to it seventy years are performed, except as specified, if the specified person continues to fulfill duties of the financial representative before decision making for the addresses which were at it under consideration per day when its powers stop.

Article 4. Procedure for appointment of the financial representative

1. The chief financial representative is appointed by the Board of directors of the Bank of Russia on the representation of the Chairman of the Bank of Russia approved with the President of the Russian Federation for a period of five years. The same person can be appointed to position of the chief financial representative no more than three time in a row. Information on appointment of the chief financial representative is posted on the official site of the Bank of Russia on the Internet.

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