From January 1, 2024, the scope of powers of the NCFM in the field of protecting the rights of consumers of financial services has expanded.
This was announced by the National Commission for Financial Market, noting that from the first day of this year it became responsible for regulating and supervising the provision of financial services by banks, currency exchange offices, payment companies and electronic money issuing companies from the point of view of compliance with consumer rights. This measure aims to enhance consumer protection for payment and foreign exchange services and also aims to create a safe and transparent financial environment. The NCFM recalled that, in accordance with previously adopted amendments to some regulations, the competencies of the National Commission for the Financial Market were expanded and it was determined as a body with powers to protect consumers of financial services. Thus, from July 3, 2023, the institution supervises the financial services of non-bank credit institutions, insurance companies and insurance intermediaries. Based on its existing powers, the NCFM has set the task of developing a system for protecting consumers of financial services, on the basis of which citizens will be able to conduct responsible financial behavior and make informed decisions, while being protected from fraud and improper management of their own finances. NCFM specialists offer advisory assistance and information on legislation in this area through the “Consumer Phone” (022 85 95 95) and directly at the NCFM office. // 05.01.2024 — InfoMarket
