In an interview, the Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan’s First Deputy Chairman Timur Abilkasymov outlined the new conduct supervision regime being introduced under the new law on banks and banking activity. The reform shifts consumer protection from a reactive, complaints-based approach to preventive supervision of banks and microfinance organizations, and a package of regulatory acts adopted in April 2026 sets updated rules for customer service and customer interaction across the full product life cycle, with a focus on identifying business model weaknesses and preventing unfair sales practices. The framework will require firms to assess whether a product is suitable for the customer and consistent with the customer’s purpose, and to identify and prevent foreseeable harm. Customers will receive a key information document summarizing the main terms and risks of a product, including the effective rate, total overpayment and potential risks. Pre-ticked consent for additional services in mobile applications or contracts will be prohibited, and employee incentive structures are to be reviewed so that key performance indicators are not based solely on sales volumes. The authority also described a new supervisory toolkit covering reviews of internal governance and product management systems, stronger mystery shopping using artificial intelligence, analysis of more than 170,000 annual consumer appeals to detect systemic problems by institution and product, and conduct metrics that can trigger immediate regulatory intervention. Most of the adopted acts will enter into force 60 calendar days after official publication. Longer implementation periods apply to more complex technological changes, with requirements to establish product management systems and controls over unfair practices becoming mandatory from 1 July 2026.
Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan 2026-05-06
Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan details phased conduct supervision regime for banks and microfinance organizations with core requirements from 1 July 2026
The Agency for Regulation and Development of the Financial Market of Kazakhstan outlined a new conduct supervision regime under the law on banks and banking activity, shifting from complaints-based to preventive consumer protection for banks and microfinance organizations. New rules require product suitability assessments, key information documents, bans on pre-ticked consents, and revised incentive structures, supported by governance and product reviews, AI-based mystery shopping, and conduct metrics for rapid intervention. Most measures take effect 60 days after publication, with product governance and unfair practice controls mandatory from 1 July 2026.