Establishing a Financial Services Ombudsman in Mongolia: Experiences and Lessons From Armenia, Australia, and Singapore

Alternative dispute resolution systems can provide redress for high volumes of consumer complaints, establish rules of conduct for financial service providers, and improve the sector’s overall health and sustainability. This paper was prepared to support the drafting of a financial consumer protection Act and the eventual establishment of a financial ombudsman in Mongolia. The Bank of Mongolia and the Financial Regulatory Commission supported a study comparing three countries’ systems: Armenia, Australia, and Singapore.

This paper sets out insights from three long-standing financial alternative dispute resolution systems in these three countries. The authors hope that the country snapshots of the above ombudsman schemes and comparative analysis can assist Mongolian policymakers and other countries considering adopting such financial dispute resolution schemes.