BAKU, Azerbaijan, August 5. The Management Board of the Central Bank of Azerbaijan (CBA) approved the Methodological Guideline on the Market Conduct of Financial Institutions.
The CBA noted that the document's main purpose is to provide methodological support for applying market conduct principles in financial institutions, increasing the protection of consumers' rights and legitimate interests, as well as shaping effective governance, internal control, and risk management mechanisms in this area.
According to the information, the document covers banks, local branches of foreign banks, non-bank credit institutions, credit unions, insurers, reinsurers, insurance intermediaries, investment companies, investment funds, and investment fund managers, as well as payment and electronic money institutions.
The report pointed out that the methodological guideline outlines the primary approaches to preparing and presenting financial products to consumers, providing after-sales service, communicating with customers, and managing business processes.
"The document reflects the necessary methods for addressing issues such as the principles of market behavior, forming a consumer-oriented corporate culture, managing conflicts of interest, disclosing information before signing a contract, ensuring the suitability of products for the target customer segment, and improving service quality and accessibility.
Implementing Methodological Guideline is expected to contribute to further enhancing transparency, responsible behavior, and service quality in financial institutions' relationships with consumers, as well as strengthening trust in financial markets, and promoting sustainable development of the financial sector," the report explained.
The Methodological Guideline on the Market Conduct of Financial Institutions can be linked below:
https://uploads.cbar.az/assets/fbfbc211dbf12fde385ada779.pdf
