Banking & Financial Disputes’ Ombudsman Center, Launched

The General Secretariat of the Committees for Banking and Financial Disputes and Violations announced the launch of the Banking and Financial Disputes Ombudsman Center. Ombudsman center aims to put in operation Alternative Dispute Resolution (ADR) methods to settle disputes arising from banking and financial transactions among licensed financial institutions and their clients, by visiting the website www.bfc.gov.sa.

Such methods adopt amicable and agreeable approaches, while consolidating this notion among the members of society.

This would reflect positively on disputing parties and contribute to the achievement of Saudi Vision 2030. Moreover, such service would allow for the settlement of disputes, in a short turnover period, with lower costs for disputing parties.

Additionally, the General Secretariat of the Committees for Banking and Financial Disputes and Violations has emphasized that proposals of the Ombudsman Center will be based on statutory basis, judicial precedents and principles that underpin the Committees’ law.