BAKU, Azerbaijan, October 2. The Central Bank
of Azerbaijan continues its efforts to expand opportunities for
international cooperation and introduce best practices in the field
of consumer protection in financial markets, Trend reports.
Another important initiative in this direction was the Central
Bank's accession to the International Organization for the
Protection of Financial Services Consumers (FinCoNet) as a full
member.
As part of its membership, the Central Bank has been granted the right to participate in the organization's working groups on responsible lending, consumer protection in the field of digital financial services, market conduct supervision, and risk assessment. In addition, this membership provides an opportunity to participate in the preparation of internationally recognized policy documents, as well as access to existing policy documents and research databases.
As a member of FinCoNet, the Central Bank will be able to study best practices in the field of financial services, consumer protection, and market conduct regulation, learn about internationally recognized practices and approaches, and contribute to the formation of the organization's priority areas of activity by participating in the definition of its agenda.
FinCoNet, established in 2013, is an international organization of supervisory authorities responsible for the functioning of financial markets and the protection of financial services consumers. The main objective of this organization is to promote the creation of effective and efficient control mechanisms that protect consumer interests, develop fair and transparent market practices, and facilitate the exchange of best practices among member organizations.