BAKU, Azerbaijan, August 5. The Management
Board of the Central Bank of Azerbaijan (CBA) approved the
Methodological Guideline on the Market Conduct of Financial
Institutions.
The CBA noted that the document's main purpose is to provide
methodological support for applying market conduct principles in
financial institutions, increasing the protection of consumers'
rights and legitimate interests, as well as shaping effective
governance, internal control, and risk management mechanisms in
this area.
According to the information, the document covers banks, local
branches of foreign banks, non-bank credit institutions, credit
unions, insurers, reinsurers, insurance intermediaries, investment
companies, investment funds, and investment fund managers, as well
as payment and electronic money institutions.
The report pointed out that the methodological guideline
outlines the primary approaches to preparing and presenting
financial products to consumers, providing after-sales service,
communicating with customers, and managing business processes.
"The document reflects the necessary methods for addressing
issues such as the principles of market behavior, forming a
consumer-oriented corporate culture, managing conflicts of
interest, disclosing information before signing a contract,
ensuring the suitability of products for the target customer
segment, and improving service quality and accessibility.
Implementing Methodological Guideline is expected to contribute
to further enhancing transparency, responsible behavior, and
service quality in financial institutions' relationships with
consumers, as well as strengthening trust in financial markets, and
promoting sustainable development of the financial sector," the
report explained.
The Methodological Guideline on the Market Conduct of Financial
Institutions can be linked below:
https://uploads.cbar.az/assets/fbfbc211dbf12fde385ada779.pdf
