The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has presented draft laws to the Mazhilis that would shift oversight of how financial services are provided to consumers toward a conduct supervision model and establish a single financial ombudsman office covering banking, insurance and microfinance services. The proposed conduct supervision model is framed as distinct from prudential supervision focused on financial stability, with an emphasis on reducing risks to consumers. It would target consumer rights protection, fair competition, effective pre-trial dispute resolution, and control over the completeness and accuracy of disclosed information, drawing on the Organisation for Economic Co-operation and Development’s 12 consumer protection principles endorsed by the Financial Stability Board. The draft would also introduce requirements on financial product governance, full and truthful disclosure, prevention of unfair practices, and accountability of financial organisations for the actions of authorised agents and intermediaries, alongside a three-level pre-trial dispute resolution process moving from an institution’s internal complaint review to the financial ombudsman and, where systemic breaches are identified, to competent authorities. Separately, the new draft banking law is described as reflecting technological change and measures to increase the banking sector’s role in financing the economy, strengthen competition and attract new market participants, promote financial technologies, and liberalise the circulation of digital assets.

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