Regulatory Alerts2015-06-24 | 126343Regulation on Minimum Requirements for the Procedure for Providing Financial Services and Handling Consumer Complaints
The National Bank of the Kyrgyz Republic issued this Regulation to establish minimum requirements for banks and non-bank financial-credit organizations regarding the provision of banking services and the handling of consumer complaints. It mandates transparent disclosure of loan terms, interest rates, and total costs, requires free complaint procedures with strict timelines, and enforces responsible lending principles including capped penalties, clear contract language, and restrictions on unilateral changes. Furthermore, it standardizes documentation through mandatory key data sheets, mystery shopper programs, and a unified complaint book system to ensure consistent consumer protection across all supervised entities.
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