Denis Novak reappointed as financial consumer ombudsman
Denis Novak will serve another five-year term as Financial Consumer Ombudsman covering insurance, microfinance, and credit institutions starting October 25, 2026. The Bank of Russia Board of Directors confirmed the reappointment following advice from the Chief Financial Ombudsman.
Five more years across four sectors
The Bank of Russia Board of Directors adopted the decision on July 24, 2026, extending the powers of Denis Novak from October 25, 2026.
Novak serves as the Financial Consumer Ombudsman responsible for dispute resolution across four financial sectors: insurance, microfinance, credit cooperation, and credit institutions’ operations.
The appointment adheres to Federal Law No. 123-FZ, dated June 4, 2018, titled “On the Financial Consumer Ombudsman.”
Under the statutory framework, financial ombudsmen are appointed by the central bank's governing board upon the formal proposal of the Chief Financial Ombudsman.
Novak's upcoming five-year mandate follows his initial appointment on October 11, 2021.
Statutory settlement since 2018
The financial ombudsman service operates as an out-of-court dispute settlement body between consumers and financial organizations in the Russian market.
Established under the 2018 legislation, the system requires financial organizations across credit, microfinance, and insurance markets to interact with designated sector ombudsmen.
Novak has overseen consumer complaints within credit and microfinance since his first term in October 2021, handling claims prior to judicial proceedings.
Institutional continuity without disruption
The extension secures institutional continuity in handling sensitive retail credit and microfinance disputes.
Retaining an experienced ombudsman provides administrative stability for consumers navigating pre-court grievance procedures.
However, procedural predictability alone will not resolve structural consumer risks in high-cost microloans.