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| Sunday, 14 December 2003 |
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Legal luminary as Financial Ombudsman In a move to facilitate commercial arbitrations in the country, Ministry of Commerce and Consumer Affairs in concurrence with the Central Bank has appointed legal luminary Walter Ladduwahetty as the Financial Ombudsman. This appointment has been created through the Consumer Affairs Authority Act to look into financial complaints less than Rs 3.5 million. The objective of creating this post is to save time and cost from litigation, which is away from formal legal procedure, said the Minister of Commerce and Consumer Affairs Ravi Karunanayake. He said that all banks and financial institutes registered under the Central Bank comes under the purview of the Act and they should abide by the decisions of the Ombudsman. "If any bank does not listen to the Central Bank's ruling on the reduction of interest rates, we are ready to declare to act against that institute with the support of the Ombudsman " Minister Karunanayake said. Karunanayake who himself is the line Minister for this matter said that the Financial Ombudsman post is independent and free from all political interference. He said that in January, Insurance companies too were expected to follow suit. Ladduwahetty addressing the media said that this institute is not tied down with technicalities of law. This system would create the business confidence of the people who deal with banks. Explaining the procedures Ladduwahetty said that complaints would have to be made within one year and only institutions are bound to accept decisions made by the Ombudsman. He was selected by a panel chaired by the Central Bank with a representative of Securities and Exchange Commission, Bar Council, Organisation of Professionals Association and the Institute of Chartered Accountants. Adviser to Government on Consumer Affairs Dr Wickrama Weerasuriya said the proposed Insurance Ombudsman will be appointed in January next year with Ladduwahetty will be appointed to that post early next year. |
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