The Central Bank of the Republic of Azerbaijan has set up working groups within several financial sector associations to strengthen the protection of financial services consumers’ rights and support faster, more effective resolution of disputes and restoration of infringed rights. The working groups will operate under the Azerbaijan Banks Association, Azerbaijan Insurers Association, Azerbaijan Microfinance Association, Azerbaijan Fintech Association and the Azerbaijan Association of Capital Market Participants. An online meeting with the working groups and association representatives on 27 January focused on ensuring supervised entities comply with legal requirements when responding to citizen appeals referred by the Central Bank, the effective operation of the working groups, and work completed and planned for 2025; participants also tabled proposals related to protecting the rights of financial services consumers and investors.
Central Bank of the Republic of Azerbaijan 2025-01-30
Central Bank of the Republic of Azerbaijan forms working groups under industry associations to strengthen financial consumer protection
The Central Bank of the Republic of Azerbaijan has formed working groups within financial sector associations to enhance consumer rights and expedite dispute resolution. These groups, under associations like the Azerbaijan Banks Association and Azerbaijan Insurers Association, aim to ensure legal compliance and improve handling of citizen appeals. An online meeting on 27 January discussed their operations and future plans, including proposals for safeguarding financial services consumers and investors.