The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan published a February 2025 update on its consumer protection and supervisory activity, focusing on borrower requests linked to fraud, consumer loan debt restructuring and measures to reduce debt burdens. The Agency reviewed 12,485 appeals from individuals and legal entities related to banks, microfinance organisations, collection agencies, insurers and securities market participants, and applied supervisory response measures and administrative sanctions. Banks accounted for 44.5% of appeals, followed by microfinance organisations at 42.3%, collection agencies at 5.3%, insurance market entities at 1.5%, other organisations at 4.7%, and unspecified financial organisations at 1.7%. Supervisory follow-up included six recommendatory supervisory response measures and three written orders, alongside 86 administrative offence protocols, resulting in seven administrative penalties totalling KZT 30.9 million. This comprised four recommendatory measures for banks and one penalty of KZT 786,400, as well as two written orders for microfinance organisations and six penalties totalling KZT 30.2 million; two recommendatory measures were also applied to organisations performing certain types of banking operations, and one written order was issued to a collection agency. The update also reported progress on the mortgage housing loan refinancing programme aimed at preserving borrowers’ sole homes and reducing debt burdens. As of 1 March 2025, banks had refinanced 32,800 loans worth KZT 205.5 billion under the track covering mortgages originated between 2004 and 2020, and had converted or refinanced 15,800 foreign-currency mortgage loans worth KZT 114.2 billion under the track for foreign-currency mortgages issued before 1 January 2016, with conversion and refinancing to continue until 31 December 2025. Under the third track, banks had provided additional financial support measures to 10,600 borrowers in the socially vulnerable groups (ХӘОТ) category totalling KZT 93.8 billion, with support continuing until 31 December 2025 through debt reduction, preferential repayment schedules and returning sole housing held on banks’ balance sheets to borrowers’ ownership.
Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan 2025-04-02
Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan reports 12,485 February complaints and KZT 30.9 million in administrative penalties
Kazakhstan's Financial Market Agency reported on consumer protection, addressing borrower fraud, loan restructuring, and debt reduction. It reviewed 12,485 appeals, resulting in supervisory measures and administrative sanctions, including KZT 30.9 million in penalties. The update highlighted progress in the mortgage refinancing program, significantly alleviating borrowers' debt burdens.