The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has prepared a draft board resolution to amend certain regulatory acts on financial market regulation, with a focus on strengthening the protection of financial services consumers. The draft would tighten requirements for assessing individuals’ creditworthiness, including setting criteria for classifying individuals as high-risk borrowers when specified factors are present. The proposal also strengthens requirements for banks to have internal procedures for making credit decisions on restructuring individuals’ debt based on an assessment of their life circumstances. In addition, it envisages establishing a dedicated unit in banks, with control functions, to protect the rights and interests of individual clients, and introduces requirements for banks’ policies and procedures on соблюдение of financial services consumers’ rights in banking activities. The full text of the draft is available on the Open NPA internet portal and on the Agency’s official website in the “Regulatory legal framework” section.

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