Belousov A.L.North-West Institute (Branch) of Kutafin Moscow State Law University (MSAL), Vologda, Russian Federation andreybelousov@mail.ru
Importance In conditions of crisis in the Russian economy, which was clearly demonstrated by the events in the financial market at the end of 2014, the process of falling real income of the population is underway, and this trend is likely to continue in future. Given the high level of household debt load, it is increasingly difficult for individuals to perform their obligations under previously concluded loan agreements. Therefore, to prevent negative economic and social effects, it is necessary to develop mechanisms for creditors' and borrowers' interaction, which would consider the interests of both parties and resolve conflict situations. The mediation procedure through the Financial Ombudsman Institution may serve as one of such mechanisms. Objectives The aim of the study is to search for the ways of changing the effective laws regulating the activities of the Financial Ombudsman. This will enable to use this institution for dispute resolution more efficiently in future, and to resolve the existing problems in this sphere. Methods The emphasis of the study is on draft regulations, which are most likely to be adopted in the near future. Based on the analysis and interpretation of the rules of law, I assess the possibility and efficiency of using the institution of financial mediator in practice in perspective. Conclusions and Relevance Under high household debt load and negative events in the financial sector, there is a need to establish a fully functioning institution of financial mediator. The results of the study may be useful for law-making activities when preparing and adopting legislative instruments regulating the Financial Ombudsman in the Russian Federation.
Keywords: credit, debt, credit institution, Financial Ombudsman, mediator, draft law
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