Wati Seeto appointed as the first Ombudsperson

Wati Seeto has been appointed as the first Financial Services Ombudsperson.

Seeto had joined the Reserve Bank of Fiji in 2010 after holding senior positions at the Capital Markets Development Authority, bringing with her 25 years of legal expertise, 15 years of which is spent in financial regulation and consumer protection.

She is expected to utilise her legal knowledge and commitment to consumer advocacy.

Deputy Prime Minister and Minister for Finance, Professor Biman Prasad highlighted this when Assistant Minister for Education, Iliesa Vanawalu asked him to give an update on establishing the Financial Services Ombudsman.

Professor Prasad says the office of the Financial Services Ombudsperson has been set up and they have appointed a skilled and knowledgeable Ombudsperson to manage complaints and aid in resolving issues.

He says the existing complaints management function undertaken by the Reserve Bank of Fiji will be maintained but elevated to ensure the specific function is conducted by an appointed Financial Services Ombudsperson.

Professor Prasad says the Ombudsperson will focus more on ensuring the principles of independence to secure impartiality, clarity of scope and powers, accessibility, effectiveness, fares and transparency and accountability. He says they are confident that the Office of Financial Services Ombudsperson will be crucial in maintaining transparency and accountability in Fiji's financial services sector.

Independent MP Premila Kumar asked how will the Financial Ombudsman Office be funded and what measures are in place to ensure its independence and impartiality considering that the Financial Ombudsman's Office is based within RBF.

Professor Prasad responded that the Governor of the Reserve Bank is appointed by the Constitutional Offices Commission to rest on the independence on which the bank conducts its monetary policies and therefore the framework of independence is within the existing structure.

He says they will be reviewing it’s effectiveness and see how it works within the framework of the Reserve Bank.