ASTANA, Kazakhstan, December 23. Kazakhstan sees an increase in the powers of the Banking Ombudsman, which is responsible for resolving disputes between banks and private individuals, Trend reports.
The Agency for Regulation and Development of the Financial Market of Kazakhstan has announced the expansion of the Banking Ombudsman’s powers. Previously, the Ombudsman handled only issues related to mortgage loans, but now it will cover all types of loans, including consumer loans.
Prior to engaging with the Banking Ombudsman, it is imperative for the borrower to initiate communication with their lending institution. The Ombudsman refrains from entertaining appeals that have undergone judicial scrutiny and for which a definitive and enforceable court ruling has been established.
To note, the Banking Ombudsman is an independent entity, and its decisions are mandatory for banks to implement. The primary task is the out-of-court settlement of financial disputes between borrowers and creditors.