Beginning from January 2, 2003, the Association of Commercial Banks of Latvia started the activity of Ombudsman that will review the complaints of credit institution customers. The main goal of the Association is to protect the customer rights and improve the quality of the services. The procedures of reviewing the complaints of credit institution customers are regulated by the Regulation on the Association of Commercial Banks of Latvia Ombudsman approved by Resolution No. 71/1 of the Association of Commercial Banks of Latvia of 27.11.2002.

Association ombud reviews complaints only if the amount of transaction (or total amount of obviously related series of transactions) to which the complaint relates does not exceed EUR 50 000.

The Ombudsman shall review complaints during two months from the receipt of the complaint. If the above-stated period cannot be observed for objective reasons, the Ombudsman may extend it by maximum ofsix months from the receipt of the complaint. Legal entities and private persons can lodge the complaints. To lodge the complaint, the applicant shall deposit security in the amount of LVL 15.00 in the account of the Association of Commercial Banks of Latvia Court of Arbitration. If the Ombudsman satisfies the complaint, fully or partially, the deposited security shall be returned to the applicant.

The person who will review the complaints are placed by the president of the Association on the term of 3 years. The Ombud is established in accordance to European Union recommendation and practice.

The additional information about Ombud can be found in the home page of Association of Commercial banks of Latvia: http://www.bankasoc.lv/.