TASHKENT, Uzbekistan, July 21. The Central Bank of Uzbekistan has adopted a new concept aimed at strengthening the protection of financial consumers' rights, Trend reports.
The document was developed based on an analysis of the current situation in the country and best international practices. It outlines key principles for the interaction between financial institutions and their clients, including preventive mechanisms to avoid violations.
According to the concept, financial institutions are required to provide complete, transparent, and accessible information about products and services, including terms, fees, risks, and limitations. Customers must be able to make free choices without pressure or the imposition of additional services. Special attention is given to protecting vulnerable groups, such as pensioners, people with disabilities, and citizens with low financial literacy.
The document also establishes the obligation for financial organizations to consider the real capabilities and needs of their clients when providing services. In cases of financial difficulties, support must be provided, including assistance with overdue debts.
To ensure effective implementation, the Central Bank will introduce systemic supervision: it will regularly analyze the behavior of financial institutions, handle complaints, use proactive monitoring tools (including the “mystery shopper” method), and establish the institution of a financial ombudsman.
The concept will be reviewed every three years to reflect new realities and consumer needs.