Draft regulations for nominating representatives of self-regulatory organisations (SROs) and banking associations to the Financial Ombudsman Service Board

The Bank of Russia has approved a procedure whereby representatives of banking associations and self-regulatory organisations will be nominated to the Board of the Financial Ombudsman Service.

According to the document, banking associations and unions which unite at least 25% of all existing credit institutions will have to propose two nominations to the Board, in a joint decision procedure. The insurance market’s nomination will have to be determined ‘as a single solution’ at the general meeting of all SROs of insurance companies. Other SROs whose members must interact with the Financial Ombudsman shall nominate to the Financial Ombudsman Service Board two candidates, who are also elected at a general meeting.

The letter must be signed by authorised representatives of financial institutions taking part in candidate selection, with a copy of a document confirming their authority. Also attached must be the candidate's consent and records of the general meeting.