The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan published a May update on consumer complaints, supervisory action and mortgage borrower support. It reviewed 13,200 complaints from individuals and legal entities about financial institutions and collection agencies, down 24.2% from the previous month. Banks accounted for 49.3% of complaints, microfinance organizations for 33.6% and collection agencies for 8.7%. By subject, debt settlement issues made up 48% of cases, followed by requests for legislative clarification at 14% and consultations on various issues at 9%. For identified breaches of Kazakhstan's legislation, the agency applied 20 supervisory response measures of a recommendatory nature, issued four written orders and imposed 21 administrative fines under 22 administrative offense protocols, totaling KZT 10.6 million. The measures covered banks, microfinance organizations, and insurance and reinsurance firms, with banks receiving two written orders, 11 recommendatory measures and four fines, microfinance organizations two written orders and two fines, and insurance and reinsurance organizations nine recommendatory measures and 15 fines. The agency also updated its three-part mortgage refinancing program aimed at preserving borrowers' sole homes and reducing debt burdens. As of June 1, banks had refinanced 33,300 loans worth KZT 213.4 billion under the first track, converted or refinanced 16,200 foreign currency mortgage loans worth KZT 114.4 billion under the second, and provided KZT 101.1 billion in additional support to 10,600 socially vulnerable borrowers under the third, including debt reduction, preferential repayment schedules and the return of sole homes from bank balance sheets to borrowers.

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