Methodological Guidelines on Market Conduct of Financial Institutions

Approved by the decoision of the Management Board of the Central Bank of the Republic of Azerbaijan dated 7 July 2026 Protocol № 30/3 Methodological Guidelines on Market Conduct of Financial Institutions

Table of contents
Methodological Guidelines on Market Conduct of Financial Institutions .................. 2
Chapter 1. Market conduct principles and general requirements................................. 5

General provisions .....................................................................................................................5
Market conduct principles ........................................................................................................8
Governance and corporate culture ..........................................................................................9
Consumer rights protection compliance plan........................................................................9
Conflict of interests ..................................................................................................................10
Representatives.........................................................................................................................10
Chapter 2. Disclosure of information prior to entering into an agreement ................ 11
General information disclosed by financial isntitutions.....................................................11
Disclosure of terms and conditions .......................................................................................12
Final draft of the agreement ...................................................................................................12
Explanations provided to the Consumer..............................................................................14
Data disclosure .........................................................................................................................15
Chapter 3. Compliance of financial products .............................................................. 16
Target product management ..................................................................................................16
Target market............................................................................................................................16
Product monitoring .................................................................................................................17
Provision of the financial product .........................................................................................18
Chapter 4. Service quality and accessibility ................................................................ 18
Accessibility for vulnerable consumers ................................................................................18
Office and material resources .................................................................................................19
Payment terminals and Internet (mobile) banking .............................................................20
Staff in direct contact with consumers ..................................................................................20
Conduct of customer satisfaction surveys............................................................................21
Chapter 5. Business conduct ........................................................................................ 21
Communication with consumers...........................................................................................21
Operational security ................................................................................................................22
Opting out of notifications......................................................................................................23
Misleading elements................................................................................................................23
Consumer awareness...............................................................................................................24
Advertising ...............................................................................................................................25
Chapter 6. Internal resolution of complaints by service users .................................... 25
Internal rules for the handling of complaints ......................................................................25
Organisation of complaint handling .....................................................................................26
Operation of the complaints-handling function..................................................................27
Complaint handling.................................................................................................................29
Registration of complaints and enabling service users to track their status....................30
Reporting...................................................................................................................................30
Bank products and payment services .......................................................................... 32
Disclosure of data on credit products ...........................................................................................32
Account statement ...................................................................................................................33
Information on the amount of debt and its repayment ......................................................34
Suitability of credit products for consumers........................................................................34
Accessibility of ATMs ..............................................................................................................35
Assistance to consumers experiencing financial difficulties..............................................36
Refinancing of consumer loans ..............................................................................................37
Debt collection..........................................................................................................................37
Termination of insurance agreements related to loans.......................................................37
Restriction of and blocking payment instruments ..............................................................38
Advertising credit products....................................................................................................39
Advertising of deposit products ............................................................................................39
Insurance products....................................................................................................... 41
Disclosure of data on insurance products ............................................................................41
Provision of information on insurance agreements ............................................................41
Final draft of the insurance agreement .................................................................................42
Account statement ...................................................................................................................42
Settlement of insurance claims...............................................................................................43
Investment services ...................................................................................................... 46
Disclosure of insurance risks..................................................................................................46
Additional obligations of financial institutions providing investment services.............46
Advertising investment services............................................................................................47
Complaint Register Form............................................................................................. 49
Standardised information form for insurance agreements ......................................... 56
Chapter 1. Market conduct principles and general requirements
General provisions

1.1. These Methodological Guidelines (hereinafter – the Guidelines) have been
developed in accordance with Article 48.3.7 of the Law of the Republic of Azerbaijan on the Central Bank of the Republic of Azerbaijan and establishes the key principles of market conduct of financial institutions, and the recommendations of the Central Bank of the Republic of Azerbaijan (hereinafter – Central Bank) in this area, in addition to the requirements concerning consumer relations set out in the laws regulating financial markets.
1.2. These Guidelines aim to regulate the market conduct of financial institutions,
including ensuring the protection of consumer rights, preventing unfair practices in the financial sector, enhancing access to information, and raising the financial literacy of persons using financial products (services) and improving the quality of financial products (services).
1.3. The relevant provisions of these Guidelines apply to reinsurers engaged
exclusively in reinsurance activities only where the reinsurance agreements they enter into establish rights and obligations that enable them to have direct contact with consumers.
1.4. The provisions of these Guidelines concerning official websites, mobile
applications and other electronic platforms of financial institutions apply where such websites, applications or platforms exist.
1.5. In financial institutions where a Board of Directors (Supervisory Board) does
not exist, the powers assigned to the Board of Directors (Supervisory Board) under these Guidelines are exercised by the executive body.
1.6. These Guidelines apply to financial institutions to the extent appropriate to
the nature and specific characteristics of their activities.
1.7. Sections 29, 30 and 32–34 of these Guidelines apply to banks, local branches of
foreign banks, non-bank credit institutions (NBCIs), insurers, investment companies, payment institutions and electronic money institutions. Section 31 of these Guidelines apply to NBCIs.
1.8. Annex 1 to these Guidelines apply in relation to financial products provided
by credit institutions and payment service providers.
2. Definitions
2.1. The definitions used for the purposes of these Guidelines bear the following
meanings:

2.1.1. financial institution – banks, local branches of foreign banks, NBCIs, credit
unions, the national postal operator, insurers, reinsurers, insurance intermediaries, investment firms, investment funds, investment fund managers, payment institutions and electronic money institutions.
2.1.2. service user – consumers and legal entities that use, acquire or order, or
intend to acquire or order, a financial product from a financial institution.
2.1.3. consumer – an individual who uses financial products to meet personal
needs, including unincorporated individuals.
2.1.4. vulnerable consumer – where known, a person receiving a pension, a
person receiving the minimum wage, or a person with a disability.
2.1.5. consumer loan – a loan granted to a consumer for purposes unrelated to
entrepreneurial or professional activities.
2.1.6. complaint – a communication containing claims concerning the restoration
and protection of rights and freedoms that have been infringed or are disputed.
2.1.7. durable medium – any medium that enables information to be stored for a
period adequate for the purposes of that information and allows the information stored to be reproduced unchanged (paper, electronic mail, CD-ROM, PDF etc.).
2.1.8. financial product – products and services offered by a financial institution
to consumers.
2.1.9. material information – any information relating to a financial product that
affects the expression of the will or decision-making of a service user.
2.1.10. connected financial product – a financial product comprising two or more
financial products that are offered together.
2.1.11. misleading elements – practices and design elements used in advertising
and sales materials, as well as on websites, mobile applications and other electronic platforms through which financial products are presented, which significantly adversely affect or impair consumers’ ability to make independent and informed choices (decisions) concerning financial institutions and financial products.
2.1.12. representative – an employee, intermediary or other authorised person
authorised by a financial institution to represent the financial institution.
2.1.13. intermediary – where provided for by legislation, a financial institution
(an individual) that offers financial products to consumers on behalf of a financial institution and within the scope of the authority granted by that financial institution.

2.1.14. conflict of interest – a situation in which some or all of the interests of a
consumer to whom a financial institution offers a financial product are, or are likely to be, inconsistent with the interests of the financial institution.
2.1.15. standardized information form – a summary of the key features, terms
and costs of a financial product, prepared with the aim of presenting the product to the consumer in a more comprehensible and comparable form.
2.1.16. sales materials – any document to be provided to a consumer before an
agreement for a financial product is concluded, including brochures, booklets, application forms, leaflets and other such materials.
3. Market conduct principles
3.1. A financial institution ensures that its and its representatives’ activities, and
its internal policies, rules, processes and procedures, comply with the following principles:
3.1.1. disclosure and transparency.
3.1.2. fair treatment and business conduct.
3.1.3. acting in the best interests of consumers.
3.1.4. effective dispute resolution.
3.1.5. data protection and confidentiality.
3.2. In accordance with the principle of disclosure and transparency, a financial
institution provides consumers with accurate and timely information on the features, terms, risks and costs of financial products, in clear and easily understandable language for the purpose of enabling them to make informed decisions.
3.3. In accordance with the principle of fair treatment and business conduct, a
financial institution ensures that:
3.3.1. the interests of consumers are taken into account at all times.
3.3.2. consumers are treated fairly and with respect at all times.
3.3.3. consumers are not discriminated against on the basis of their personal
characteristics and are not subjected to misleading practices.
3.4. In accordance with the principle of acting in the best interests of consumers,
a financial institution ensures that:
3.4.1. financial products are designed and offered taking into account consumers’
financial circumstances, including their expected financial circumstances, objectives and needs.

3.4.2. where any advice is provided to a consumer, consumer’s interests are
placed above the financial institution’s own interests and the consumer’s financial circumstances, objectives and needs are taken into account.
3.5. Under the principle of effective dispute resolution, a financial institution
ensures that adequate and appropriate internal capacities and written policies are in place to resolve complaints from service users in a lawful, effective, prompt and fair manner.
3.6. In accordance with the principle of data protection and confidentiality, a
financial institution collects, stores, processes, uses and discloses data in accordance with applicable legislation, ensures that its employees use data within the scope of their respective authorisations, and implements other organisational and technical measures for the protection of data.
4. Governance and corporate culture
4.1. A financial institution incorporates the duties established by these
Guidelines into its strategies, corporate governance framework, rules and procedures, human resources and remuneration policies, and ensures that the protection of consumer rights constitutes one of the key components of its internal control system and risk management system.
4.2. A financial institution ensures that mechanisms, internal rules and
procedures are in place setting out principles and measures for managing, mitigating and preventing the risks that consumers may face in connection with the provision of financial products, including financial products provided electronically (remotely).
4.3. A financial institution ensures that the Board of Directors (Supervisory
Board) oversees the implementation of the measures set out in Sections 4.1 and 4.2 of these Guidelines.
4.4. The Board of Directors (Supervisory Board) of an FI assesses, at least once a
year, the measures implemented by the financial institution to ensure compliance of its activities with these Guidelines and ensures that any deficiencies are remedied.
5. Consumer rights protection compliance plan
5.1. The executive body of a financial institution develops a written compliance
plan setting out the internal checks to be carried out to ensure compliance with the requirements relating to the protection of consumer rights and with these Guidelines. The plan also includes checks on whether the remedial measures proposed in respect of findings previously identified in this area have been implemented.

5.2. In a financial institution:
5.2.1.the member of the collegial executive body responsible for overseeing the organisational unit performing the compliance function (the sole head of the executive body) controls the implementation of the compliance plan and reports quarterly to the executive body on the status of implementation of the plan. 5.2.2.the compliance plan is reviewed annually and updated where necessary.
5.3. A financial institution includes a review of the status of implementation of
the compliance plan in its internal audit plan.
6. Conflict of interests
6.1. A financial institution should have necessary technical and organisational
arrangements, including internal procedures, taking into account the nature, scale and complexity of its business model and activities, to identify, prevent and mitigate potential material harm to consumers arising from conflicts of interest between the financial institution, its officers and representatives, and consumers in connection with the provision of financial products.
6.2. The conflicts of interest referred to in Section 6.1 of these Guidelines also
include conflicts of interest arising from remuneration and other incentives provided under the remuneration policy of the financial institution.
6.3. A financial institution ensures that the remuneration system established
under its remuneration policy does not affect consumers’ ability to make independent and informed choices (decisions), or the transparent and fair provision and execution of financial products.
6.4. The technical and organisational arrangements, including internal
procedures, of investment firms for the identification, prevention and mitigation of conflicts of interest comply with the requirements laid down in Article 36 of the Law of the Republic of Azerbaijan on the Securities Market.
7. Representatives
7.1. A financial institution provides representatives with regular training, the
frequency of which depends on the features, risks, nature and complexity of the financial product, and continuously monitors their conduct when providing financial products to consumers, to ensure that:

7.1.1. the representative understands the features, terms, risks and costs of the
financial product.
7.1.2. the representative understands the requirements laid down by legislation
and these Guidelines that are relevant to their role and functions and acts in accordance with those requirements.
7.2. A financial institution ensures that the training referred to in Section 7.1 of
these Guidelines is appropriate to the relevant type of representation and complies with the applicable domestic legislation, international standards and best practices in the financial sector in which such representation is carried out.
Chapter 2. Disclosure of information prior to entering into an agreement
8. General information disclosed by financial isntitutions
8.1. A financial institution discloses, in all physical locations where financial
products are offered to consumers and on its official website, at least the following information:
8.1.1. the full and abbreviated name of the financial institution, and the date and
number of the document authorising it to conduct its activities.
8.1.2. the addresses, contact details and business hours of the financial institution
and its branches, departments and representative offices.
8.1.3. a list of the financial products offered to the general public, as well as the
following risks that consumers may face in relation to those products:
8.1.3.1. consequences of failure by a consumer to make, or of delay in making, the
relevant payment (the imposition of a penalty (delinquency interest), enforcement against collateral, claims against a guarantor, initiation of legal proceedings, etc.).
8.1.3.2. information security and cybercrime risks (potential consequences of
sharing confidential information, using fraudulent links, etc.).
8.1.4. financial obligations of consumers arising from financial products offered
to the general public (interest, fees payable or the method of their calculation, as well as the deadlines and procedures for their payment).
8.1.5. the name, address, contact details and official website of the authority
(institution) responsible for supervising the activities of the financial institution (possibility of accessing the website through a link).
8.1.6. available out-of-court dispute resolution mechanisms (the procedure for
and addresses to which consumers may submit complaints, in sequence, to the financial

institution, where applicable, the banking ombudsman, the Central Bank and other bodies responsible for dispute resolution).
8.1.7. where the financial institution acts as a representative of another financial
institution, the full name and address of that financial institution.
8.1.8. where applicable, minimum conditions and requirements established by
legislation or by the financial institution for a consumer to obtain a financial product.
8.1.9. any other information required to be disclosed by legislation.
8.2. For financial products offered through its mobile applications, a financial
institution discloses the information referred to in Sections 8.1.3, 8.1.4 and 8.1.6 herein.
8.3. The requirements of Sections 8.1.3 and 8.1.4 of these Guidelines apply, in
relation to physical locations (offices, branches, etc.), to the financial products offered at those locations.
8.4. A financial institution remedies circumstances that have resulted in
violations of consumer rights and discloses on its official website aggregated information on such circumstances and the measures taken to remedy them, categorised by the nature of the violations, taking into account Section 13 herein.
9. Disclosure of terms and conditions
9.1. A financial institution ensures that standard terms and conditions of a
financial product (e.g. insurance rules) and the agreement template (e.g. a credit agreement, deposit agreement, etc.) are made available to consumers by:
9.1.1. making them available on its official website in PDF format, in a form that
allows the text to be copied and providing the option to send them to an email address.
9.1.2. providing them, upon the consumer’s request, on a durable medium.
9.1.3. displaying them at the location where the financial institution or its
representative offers the relevant financial product (e.g. an office, branch, etc.).
10. Final draft of the agreement
10.1. Before entering into an agreement, a financial institution provides the
consumer with the final version of the agreement for the financial product offered.
10.2. The final draft of the agreement should be drawn up as a separate document
(electronic document) and not refer to advertising or sales materials.
10.3. Unless otherwise provided for in the legislative acts applicable to specific
financial products, a financial institution includes at least the following information in the final draft of the agreement for each financial product offered:

10.3.1. the information referred to in Sections 8.1.1 and 8.1.4–8.1.7 herein.
10.3.2. the name of the financial product.
10.3.3. the key features of the financial product, including the benefits
(advantages) and rights of the consumer, as well as any limitations and exclusions.
10.3.4. at least the following risks arising for the consumer in connection with the
financial product:
10.3.4.1. consequences of failure by the consumer to perform, or properly perform,
his/her obligations (imposition of a penalty (delinquency interest), enforcement against collateral, claims against a guarantor, initiation of legal proceedings, etc.).
10.3.4.2. information security and cybercrime risks (potential consequences of
sharing confidential information, using fraudulent links, etc.)
10.3.5. the terms of the agreement (if any).
10.3.6. where contractual terms are linked to another financial product forming
part of a related financial product, an explanation of whether that related financial
product may be terminated separately and of consequences of such termination for the consumer.
10.3.7. clear information on any changes that may be made to any provision of the
agreement or to any amount payable under the contract, and on the procedure for making such changes.
11. Standardized information form
11.1. A financial institution provides the consumer with a standardized
information form for the following financial products:
11.1.1. consumer loans.
11.1.2. voluntary insurance products.
11.2. The standardized information form is provided to the consumer:
11.2.1. upon the consumer’s request.
11.2.2. where the consumer makes an enquiry (an appeal) concerning a financial
product.
11.2.3. where the consumer is offered the conclusion of an agreement for a financial
product.
11.3. The standardized information form:
11.3.1. is concise and is provided to the consumer as a separate document.
11.3.2. is prepared in accordance with Section 13 herein and reflects the
information that is current at the time it is provided.

11.3.3. where provided on paper, is prepared in A4 format, in bold type in the
upper right-hand corner, that the form does not constitute an agreement for the financial product.
11.4. A financial institution ensures that the standardized information form for a
financial product is available for download in PDF format and allows search within the text and makes it available in a clearly visible form (template) on its official website and mobile applications.
11.5. Where an agreement is concluded at an office (branch etc.), where the
financial product is offered, the standardized information form is provided on paper.
11.6. Where a financial product is provided remotely, a financial institution
ensures, before the conclusion of the agreement, that the consumer confirms having read the standardized information form. Where the form is provided electronically (on a durable medium), the consumer may confirm electronically that the relevant information has been received.
11.7. The standardized information form for voluntary insurance products is
provided as per Annex 6 to these Guidelines.
11.8. The standardized information form for consumer loans is governed by
Decision No. 38/2 of the Central Bank dated 26 July 2023 on the approval of the ‘Standardized Information Form for Consumer Loan Agreements’ and is provided to the consumer in accordance with the requirements of the Civil Code. This form also applies to consumer loans falling within the scope of these Guidelines.
12. Explanations provided to the Consumer
12.1. When providing a financial product in person, a financial institution clearly
explains to the consumer the following:
12.1.1. the features and key terms of the financial product in which the consumer
is interested, all costs incurred by the consumer, and at least the following risks:
12.1.1.1. consequences of failure by the consumer to make, or of delay in making,
the relevant payment (the imposition of a penalty (delinquency interest), enforcement against collateral, claims against a guarantor, initiation of legal proceedings, etc.)
12.1.1.2. information security and cybercrime risks (potential consequences of
sharing confidential information, using fraudulent links, etc.).
12.1.2. whether the financial product offered is part of a related financial product
and, where it does, whether each component may be cancelled separately and consequences of such cancellation for the consumer.

12.1.3. where the financial institution offering the financial product acts as an
intermediary, whether it provides services exclusively or also to one or more other financial institutions, as well as the names of the financial institutions it serves.
12.2. Where a consumer states that there is no need to receive information about
a financial product, but there are reasonable grounds to suspect that the consumer has a low level of financial literacy or does not understand the key features of the product, the FI provides the consumer with explanations in accordance with Section 12.1 herein.
12.3. A person willing to provide security for the performance of an obligation
(a guarantee, collateral, etc.) is clearly informed by the financial institution of the risks associated with providing such securitization, obligations that may arise and legal effects of non-performance of the obligation on the property serving as securitization.
13. Data disclosure
13.1. The information to be disclosed and provided, as well as agreements and
notices, throughout all chapters and sections of these Guidelines should:
13.1.1. be expressed in clear and plain language.
13.1.2. be displayed in a sufficiently large and visible format to ensure readability
and not be misleading to the consumer.
13.1.3. be clearly audible and visible, where provided in audio or video format.
13.1.4. be consistent with the terms and conditions of the financial product.
13.1.5. be up to date at the time of its disclosure or provision.
13.2. All documents provided to the consumer indicate the date of preparation.
Where applicable, the period of validity of the offer to conclude the agreement and of the information setting out the terms and conditions of such offer is disclosed.
13.3. A financial institution offering a connected financial product clearly
distinguishes the terms and conditions applicable to each component of the connected financial product, specifies separately fees and charges applicable to each component, and provides (discloses) separately the information to be disclosed and the standardised information forms applicable to each component.
13.4. Information to be disclosed on the official website, mobile applications and
other electronic platforms are presented in such a manner as to ensure that consumers can easily access and use such information. Standard terms and conditions of financial products, agreement templates (insurance policies, credit agreements, etc.), and links to the Central Bank's financial literacy portal and the financial product information search system are placed alongside the main navigation menus of the financial institution's

official website, mobile application and other electronic platforms, and are presented in the same size and with the same level of visibility as the main navigation elements.
Chapter 3. Compliance of financial products
14. Target product management
14.1. The financial institution establishes, implements, manages and regularly
reviews a product approval process for the development of new financial products and for significant changes to existing financial products. From a consumer protection perspective, this process ensures that the following aspects are taken into account in relation to the financial product:
14.1.1. the category of consumers concerned (e.g. students, unemployed
individuals, pensioners, etc.), as well as their objectives and needs.
14.1.2. the prevention and mitigation of any financial harm that may be caused to
consumers.
14.2. The product approval process referred to in Section 14.1 of these Guidelines
is established in writing by the executive body and includes:
14.2.1. measures and procedures for the design, monitoring and provision of the
product to consumers.
14.2.2. measures to be taken by the financial institution where it identifies that the
product has caused financial harm to consumers (changes to the product and improvements to the provision of information, etc.).
14.2.3. procedures for managing conflicts of interest that may arise in connection
with the design, monitoring and provision of the product to consumers.
14.3. The procedures referred to in Section 14.2 of these Guidelines are
established in a manner proportionate to the complexity of the financial product and to the nature, scale and complexity of the FI's business model and activities.
14.4. The executive body of the financial institution is responsible for
establishing, managing and implementing the product approval process, as well as for monitoring and regularly assessing the effectiveness of the measures taken to fulfil the responsibilities set out in Section 14 of these Guidelines.
15. Target market

15.1. The financial institution identifies, for each financial product, the target
market of consumers in as much detail as possible, taking into account the characteristics and complexity of the financial product.
15.2. The FI may also identify groups of consumers for whom the relevant
financial product is not suitable in view of their characteristics, objectives and needs.
15.3. The financial institution designs the financial product in accordance with
the characteristics, objectives and needs of the consumers comprising the target market. When assessing whether a financial product is suitable for the target market, the financial institution takes into account the level of knowledge and awareness of the consumers comprising the relevant target market, as well as their level of financial literacy.
15.4. The criteria used to identify the target market should enable the FI to
determine whether the financial product is suitable for the consumers concerned.
15.5. Information on the target market for the financial product is appended to
the decision approving the financial product.
15.6. The financial institution maintains records of agreements concluded with
consumers who fall within, as well as outside, the target market.
15.7. The FI ensures that employees involved in the design and development of
financial products possess the necessary knowledge, skills and experience to properly understand the financial products concerned, as well as the characteristics, objectives and needs of the categories of consumers comprising the target market.
16. Product monitoring
16.1. The FI continuously monitors financial products offered to consumers to:
16.1.1. identify circumstances and events that may have a material impact on the
characteristics, benefits, features or terms and conditions of the products.
16.1.2. assess whether the products remain consistent with the characteristics,
objectives and needs of the categories of consumers comprising the target market.
16.1.3. assess whether the distribution of the products is limited to the target
market or the extent to which the products are distributed to consumers outside the target market.
16.2. The financial institution determines the frequency of the monitoring
referred to in Section 16.1 of these Guidelines, taking into account factors such as the volume and complexity of the product and changes in applicable legislation.
16.3. Where the financial institution identifies that a financial product has an
adverse impact on consumers comprising the target market, or that the product is no

longer consistent with their characteristics, objectives and needs, the financial institution takes measures to prevent or mitigate any financial harm to consumers and ensure that the product remains consistent with the characteristics, objectives and needs of the categories of consumers comprising the target market for which the product is offered.
16.4. The financial institution monitors the activities of intermediaries to ensure
compliance with the product approval process, including the distribution of products to consumers within the target market. Monitoring measures should be proportionate, taking into account the characteristics of the manner in which the products are distributed and the requirements of applicable legislation.
17. Provision of the financial product
17.1. When determining and approving how and by whom a financial product
is to be distributed to consumers, the financial institution takes into account the target market, as well as the characteristics, risks, nature and complexity of the product.
17.2. Where the financial institution distributes a financial product to consumers
through an intermediary, it provides the intermediary, for the duration of the distribution of the product, with all information necessary to ensure that:
17.2.1. the intermediary understands the financial product and the target market.
17.2.2. the intermediary is able to identify consumers who do not fall within the
target market.
17.2.3. the intermediary is able to distribute the financial product having regard to
the interests of consumers.
Chapter 4. Service quality and accessibility
18. Accessibility for vulnerable consumers
18.1. When designing its financial products, the financial institution takes into
account the needs of vulnerable consumers in relation to the use of such products, ensures that its products are accessible and suitable for use by vulnerable consumers, and that its premises and services comply with applicable accessibility requirements. To this end, the financial institution, at a minimum, ensures that:
18.1.1. relevant employees of the financial institution receive appropriate
training in the principles and procedures for dealing with vulnerable consumers.
18.1.2. vulnerable consumers are provided with information on the
accessibility, use and safety of the products offered.

18.1.3. text and symbols on information and guidance signs (including
electronic signs and displays), are of an adequate size, use legible fonts and, where possible, are presented in a raised or tactile format.
18.1.4. consideration of the possibility of publishing information on the terms
and conditions applicable to products, agreements and other relevant information on the website, mobile applications and other electronic platforms in video formats incorporating audio and sign language.
18.1.5. where vulnerable consumers are required to read agreements, account
statements or other documents, or provide their FIN number or other passwordrelated/confidential information, consideration of the possibility of making such information available to vulnerable consumers, at their request and taking into account appropriate security measures, through Braille, audio information, video formats incorporating sign language, and other equivalent means of communication.
18.1.6. safeguard the confidentiality of information on the health status of
vulnerable consumers.
18.2. The financial institution maintains records of vulnerable consumers who
use, or wish to use, financial products, as well as of the transactions conducted with such consumers, and retains such records for a period of five (5) years.
19. Office and material resources
19.1. The FI ensures that, at offices where financial products are provided,
consumers are able to move around in a safe and convenient manner, that the indoor temperature is maintained at a level appropriate to the season, and that the premises are equipped with the equipment and furniture necessary for interaction with consumers.
19.2. Where the FI provides financial products at its offices, it ensures that:
19.2.1. the data disclosure referred to in Item 8.1 herein is made available.
19.2.2. staff in direct contact with consumers are provided with visible means of
identification displaying their first and last names.
19.2.3. the provision of services at the office is organised in accordance with the
purpose of the office (e.g. the handling and settlement of insurance claims) and the scope of authority of its employees.
19.3. The financial institution, where necessary for vulnerable consumers
purchasing financial products, ensures that the text of agreements can be enlarged, that the information specified in Section 8 herein is provided in large print, and that any other

barriers preventing vulnerable consumers from receiving information and accessing services on an equal basis with other consumers are removed.
19.4. Services at administrative premises of the FI are provided in such a manner
that consumers with physical disabilities do not require assistance from individuals other than the FI's employees.
19.5. Priority is given in service queues to individuals with physical disabilities,
people accompanied by young children, and elderly people.
20. Payment terminals and Internet (mobile) banking
20.1. The financial institution ensures that offices where consumers are expected
to conduct transactions using physical payment terminals (POS terminals and similar devices) are equipped with at least one physical payment terminal that is accessible to consumers with visual impairments.
20.2. Where technically feasible, vulnerable consumers who have informed the FI
of their visual impairment are provided with the possibility of using OTP integrated with audio screen-reader software when accessing internet banking services. In such cases, the consumer is informed in advance of the associated security risks.
20.3. Official websites and mobile applications of financial institutions provide
appropriate accessibility features to enable consumers with visual impairments to access and use such services.
21. Staff in direct contact with consumers
21.1. Staff of the financial institution in direct contact with consumers possess the
information necessary for the performance of their duties as specified in their employment agreements and the financial institution’s internal documents, including the information set out in Section 8 herein, and should be able to provide such information to consumers in a clear and comprehensible manner.
21.2. The financial institution ensures that staff in direct contact with consumers
receive training aimed at acquiring, understanding and updating the information referred to in Section 8 herein and takes other measures aimed at enhancing the employees’ overall level of professional competence.
21.3. The training referred to in Item 21.2 herein is conducted in accordance with
the FI’s internal rules governing the organisation of training, which specify, inter alia:
21.3.1. criteria for identifying positions involving direct contact with consumers.

21.3.2. procedures for providing training to staff in direct contact with
consumers.
21.3.3. requirements concerning the frequency of relevant training and learning
activities for staff in direct contact with consumers.
21.3.4. procedures for assessing qualifications and competence of staff in direct
contact with consumers to assess the quality of their performance of their duties.
21.3.5. procedures and methods for recording the results of training completed
by staff in direct contact with consumers.
21.4. The FI may assign an employee to duties involving direct contact with
consumers only after he/she has completed the training referred to in Item 21.2 herein.
22. Conduct of customer satisfaction surveys
22.1. Credit institutions, insurers, investment firms, payment institutions and
electronic money institutions conduct customer satisfaction assessments following the provision of services at consumer service centres or by telephone to measure the level of service quality.
22.2. The assessment is conducted through service centres, SMS, email, mobile
applications or other digital channels. The assessment is carried out using a five-point scale (1 represents the lowest level and 5 represents the highest level).
22.3. The assessment questionnaire is made available to the consumer within 24
hours following the provision of the service and shall contain the following statement. “Please rate the quality of the service provided to you on a five-point scale (1 – very poor, 2 – poor, 3 – satisfactory, 4 – good, 5 – excellent).”.
22.4. Assessments’ results are recorded and retained for a period of at least five
(5) years.
Chapter 5. Business conduct
23. Communication with consumers
23.1. When making a telephone call to a consumer, an employee or
representative of the financial institution in the following order:
23.1.1. provides his/her first and last names and position and states the name of
the financial institution he/she represents.
23.1.2. informs the consumer that, subject to the consumer’s consent, the telephone
call will be recorded and retained for a period of at least three (3) years.

23.1.3. where applicable, states the name of the financial institution that initiated
or instructed the call to be made.
23.1.4. ascertains whether the consumer wishes to continue the call and, where the
consumer does not consent, terminates the call immediately.
23.2. Where, during telephone interaction, the financial institution intends to
offer or promote financial products, it obtains the consumer’s separate and explicit consent for such communication. Where such consent is not provided, the financial institution terminates the call immediately.
23.3. In circumstances where consent is required, the consumer’s silence is not
construed as consent.
23.4. The financial institution ensures that, when consumers initiate telephone
calls, they have the possibility to be connected to an operator in accordance with the applicable service hours for the provision of financial products.
23.5. All telephone conversations with consumers are recorded, subject to the
consumer’s consent to the recording and retention of such conversations and are retained for a period of at least three (3) years.
24. Operational security
24.1. The FI should ensure compliance with applicable legislation in the
execution of transactions and comply with the legal requirements relating to the protection of customer information and the security of payment transactions.
24.2. To ensure the security of transactions, the financial institution applies
effective security measures when executing transactions (measures for the protection of customer information and robust customer authentication measures for the verification of the identity of the person authorising a customer transaction, etc.) and ensures, on an ongoing basis, that such security measures remain appropriate and compliant with applicable requirements to provide secure services to consumers.
24.3. Financial institutions implement the following measures to ensure the
security of information and transactions:
24.3.1. consumers are regularly informed of virtual fraud and other threats, and
awareness-raising activities are conducted to educate consumers about appropriate security measures.
24.3.2. financial transactions are regularly monitored, and immediate action is
taken in response to unusual or suspicious activities.

24.3.3. regular monitoring is carried out to ensure the security of information and
transactions, and consumers are provided with the necessary information whenever relevant updates are introduced.
25. Opting out of notifications
25.1. The financial institution provides consumers with a simple and readily
accessible means of opting out of receiving advertising, promotional and marketing communications, as well as notifications relating to offers of products and services.
25.2. In communications addressed to consumers, the FI informs consumers of the
opt-out facility referred to in Item 25.1 herein or otherwise ensures that consumers’ attention is drawn to the availability of such facility through another effective means.
26. Misleading elements
26.1. The FI does not use misleading elements when offering financial products.
26.2. Without prejudice to the generality of the foregoing, the following constitute
misleading elements, including, but not limited to:
26.2.1. concealing or failing to present in a clear and comprehensible manner any
payments, costs, applicable penalties or delinquency interest associated with a financial product.
26.2.2. advertising, promoting or marketing a financial product on favourable
terms where, following the consumer’s acquisition of the product, it is subsequently provided on less favourable terms.
26.2.3. automatically including and/or pre-selecting additional products, consent
options, and bank accounts or payment cards for making payments in the process of purchasing a financial product or opening a personal account, without the consumer’s clear and explicit consent.
26.2.4. where trial periods are offered for financial products, automatically
renewing the product without providing the consumer, in a clear and readily accessible manner, with information on how to cancel the product, or making the cancellation process unavailable or significantly more complicated.
26.2.5. presenting information concerning the benefits (advantages), terms and
costs of a financial product in a misleading manner that may result in consumers making incomplete or inaccurate comparisons of financial products.
26.2.6. concealing material terms of a financial product, such as interest rates,
delinquency interest, costs and applicable penalties, or presenting such terms in complex

legal language, thereby making it difficult for consumers to fully understand the obligations they are undertaking.
26.2.7. using manipulative practices, repeated notifications and countdown
timers with the purpose or effect of limiting the time available to consumers to review and assess the terms of financial products.
26.2.8. The design or implementation of processes that enable consumers to
subscribe to or acquire financial products easily, while creating complex procedures or barriers for withdrawing from or cancelling such products (for example, entering into an agreement remotely while permitting its termination only at a branch).
27. Consumer awareness
27.1. Credit institutions, insurers, investment firms, payment institutions and
electronic money institutions implement ongoing financial education programs aimed at developing the knowledge and skills necessary to increase consumers’ financial awareness, reduce the risks to which they are exposed, support them in making informed financial decisions, and contribute to improving the well-being of financial consumers.
27.2. Where feasible, the financial institutions referred to in Item 27.1 herein test
the content and delivery methods of financial education programs prior to making them available to the public, to ensure that they are appropriate for the target market and aligned with the objectives of the program.
27.3. Financial education programs are evaluated annually, taking into account
their impact and level of reach. Where necessary, the programs are enhanced or revised in accordance with the results of the evaluation.
27.4. The frequency and intensity of financial education programs are determined
having regard to the number of customers and the nature and complexity of the financial products offered.
27.5. Financial education programs do not contain advertising or marketing
content. Information is presented in an objective and impartial manner, and consumers are adequately informed of the relevant risks.
27.6. Financial education programs are delivered through training sessions, the
official website, mobile applications, social media channels (if any), media and other appropriate channels.
27.7. Financial institutions may implement financial education programs jointly
with other financial institutions and associations, while ensuring that their customers have access to relevant financial education materials and information.

Advertising
28.1. The financial institution’s advertising activities should comply with the
requirements of the Law of the Republic of Azerbaijan ‘on Advertising.’
28.2. Advertising activities of investment funds should also comply with the
requirements of Article 33 of the Law of the Republic of Azerbaijan ‘on Investment Funds.’
28.3. The FI ensures the following with regard to advertising and sales materials:
28.3.1. material information relating to the advertised financial product is
presented in a clear and prominent manner and is not concealed, obscured or otherwise made less visible through the content, format or design of the advertisement.
28.3.2. information used in advertising is presented in a font and format of
sufficient size to ensure readability and does not mislead consumers.
28.3.3. where a grace period or preferential interest rate applicable for a specified
period is provided for under a credit agreement, the advertising and sales materials clearly state the duration of the relevant period and the interest rate applicable thereafter.
28.3.4. any acronyms used in advertising and sales materials are accompanied by
an explanation of their meaning.
28.4. A financial institution may describe a financial product as free of charge in
advertising and sales materials only where the product is entirely free of charge.
28.5. All advertising and sales materials of the financial institution state that the
financial institution’s activities are subject to supervision by the Central Bank.
Chapter 6. Internal resolution of complaints by service users
Internal rules for the handling of complaints
29.1. The FI adopts internal rules governing the handling of complaints
submitted by service users. The rules are approved by the FI’s Board of Directors (Supervisory Board) and is communicated to all relevant staff. The rules are service-useroriented and ensure the prompt handling of complaints in the financial institution.
29.2. In developing the rules, the requirements of the applicable legislation on
citizens’ appeals should be taken into account.
29.3. The rules include procedures covering, at a minimum, the following:
29.3.1. the receipt and registration of complaints and the assignment of a unique
reference number to track each complaint.

29.3.2. ensuring that service users are able to track the status of their complaints
using the unique reference number.
29.3.3. the investigation of complaints and coordination of the complainthandling process.
29.3.4. decision-making and responding to complaints.
29.3.5. compensation for material loss or damage suffered by the service user,
where warranted by the outcome of the complaint investigation.
29.3.6. an accountability and reporting framework for complaints, including a
clear allocation of roles and responsibilities in relation to accountability and reporting.
29.3.7. measures for providing financial institution employees with awareness
and training on applicable legislation, rules governing the treatment of service users and complaint handling, including requirements concerning the frequency of such training, its implementation and the assessment of its results.
30. Organisation of complaint handling
30.1. FI provides broad and readily accessible channels for the submission of
complaints by service users and does not unduly restrict available means of communication. Complaints may be submitted verbally (by approaching the FI in person or by telephone) and/or in writing (by submitting them in hard copy in person, by post, electronically, by fax, by email, through the “Contact/Applications” section of the official website, through the FI’s official social media accounts and/or by any other means).
30.2. The financial institution provides complaint submission channels
appropriate to the needs of vulnerable consumers.
30.3. Available means of submitting complaints and the relevant contact details
are disclosed using, at a minimum, the following means:
30.3.1. through data disclosure included in information materials, account
statements, advertising or information leaflets, in the following format: “If you have any questions or complaints, please call [telephone number], email us at [email address] or submit your complaint to [postal address]”. The contact details of the complaint-handling function is provided in such disclosures.
30.3.2. through “Call Centres” (or hotlines), by providing the contact details of the
complaint-handling function automatically or by enabling consumers to contact that function directly.
30.3.3. by including the contact details of the complaint-handling function in
agreements concluded with service users.

30.4. The financial institution ensures that at least the following information is
disclosed on its official website, mobile applications, service terminals and at offices where financial products are provided:
30.4.1. the available means of submitting complaints.
30.4.2. the procedure for submitting a complaint to the FI by a service user.
30.4.3. the time limits for responding to complaints.
30.4.4. information on the further steps available where the service user is
dissatisfied with the financial institution’s decision concerning a complaint, including the contact details of the Central Bank (Annex 5).
30.5. Information is disclosed to service users in accordance with Section 13
herein.
30.6. The contact details of the complaint-handling function, and any changes
thereto, are included in the data disclosure sources referred to in Item 8.1 herein. Such contact details include the telephone number, email address and other contact details of the complaint-handling function or the designated responsible person.
31. Operation of the complaints-handling function
31.1. Each financial institution establishes an independent complaint-handling
function to manage relations with service users who submit complaints, protecting their rights, and managing the complaint-handling process.
31.2. The complaint-handling function is performed by a dedicated organisational
unit or a designated responsible person, established or appointed having regard to the financial institution’s operational volume and the number of service users. Oversight of the activities of the complaint-handling function is exercised by a member of the executive body (or the sole head of the executive body).
31.3. The executive body ensures the effective operation of the complaint-handling
function by providing it with appropriate conditions and adequate human and other resources (IT systems and access to the information necessary for the performance of its functions etc.). It also ensures timely exchange of information between the complainthandling function and other relevant organisational units.
31.4. Employees of the organisational unit performing the complaint-handling
function, or the designated responsible person, possess the relevant knowledge and experience necessary to perform their duties and responsibilities, and the financial institution provides them with regular training and seminars. To avoid conflicts of

interest, the head of the complaint-handling function or the designated responsible person should be independent of business operations and have sufficient authority to investigate complaints effectively.
31.5. The financial institution ensures that the operation of the complainthandling function is reviewed by the internal audit function at least once a year. A report
on findings of the review is submitted to the Supervisory Board and the Audit Committee (if any), with a copy provided to the executive body.
31.6. The complaint-handling function at a minimum:
31.6.1. reviews and duly responds to complaints received from service users.
31.6.2. prepares and ensures the accessibility of documents explaining the
complaint-handling process, including the rights and obligations of service users, for the purpose of informing service users.
31.6.3. depending on the nature of a complaint, conducts verbal discussions and
meetings with service users and provides relevant advice and explanations.
31.6.4. to investigate complaints, maintains timely information exchange with
relevant organisational units, makes enquiries, requests relevant documents, and obtains written and verbal information from those units.
31.6.5. ensures that employees who interact with service users receive training in
the collection and referral of complaints to the complaint-handling function, the treatment of service users and other relevant matters.
31.6.6. maintains a register of complaints received from service users and
prepares aggregated information from the register by period of receipt and by nature of the complaints, including the number of complaints that have been resolved, are currently under review or remain unresolved, and their breakdown by products and services, as well as by the specific subject matter of the complaints.
31.6.7. ensures the collection, maintenance and aggregation of statistics on the
main causes of complaints submitted by service users.
31.6.8. submits reports on the performance and results of the complaint-handling
function to the financial institution’s Supervisory Board and executive body at least quarterly, and, where material breaches occur, on an ad hoc basis.
31.6.9. prepares appropriate proposals for the executive body and the
Supervisory Board aimed at remedying breaches of service users’ rights and legitimate interests and breaches of ethical standards governing relations with service users.

31.6.10. organises a review and response to requests from the Central Bank
concerning complaints submitted by service users and submits reports to the Central Bank quarterly, no later than the end of the month following the relevant quarter.
31.6.11. participates in measures implemented by the financial institution to
promote and enhance the financial literacy of service users.
32. Complaint handling
32.1. The FI reviews and responds to complaints within the time limits prescribed
by the Laws of the Republic of Azerbaijan on Citizens’ Appeals and on Payment Services and Payment Systems, as applicable, and in no case later than the applicable statutory deadline. Complaints received by the financial institution are forwarded to the complaint-handling function for processing no later than the next business day.
32.2. Officials (in cases involving corruption or circumstances conducive to
corruption, their direct supervisors) whose actions or omissions are the subject of a complaint do not participate in the review of that complaint. Where a complaint contains information concerning corruption or circumstances conducive to corruption within the financial institution, the executive body is notified immediately, and an appropriate investigation is conducted through the financial institution’s internal control system, with the necessary measures taken in accordance with applicable legislation.
32.3. The financial institution investigates and responds to requests from the
Central Bank concerning complaints submitted by service users within no more than 7 (seven) business days. The response is provided to the Central Bank or, where expressly specified in the Central Bank’s request, to the service user under Item 32.1 herein.
32.4. Where the financial institution proposes compensation for material loss or
damage suffered by a service user, it provides the service user, in a durable medium, with clear and unambiguous information concerning the amount of compensation proposed, the time limit for payment of the compensation, the methodology used to calculate the compensation and the steps to be taken by the service user to accept or reject the compensation offer. The period specified by the financial institution for the service user to decide whether to accept or reject the compensation offer shall not be less than 10 (ten) business days.
32.5. Where the financial institution rejects the complaint or refuses to pay the
amount of compensation claimed by the service user, or offers compensation in an amount lower than that claimed, the service user is informed of the reasons for such

decision, as well as of the further avenues available for pursuing the complaint, including, where applicable, the procedure for referring the matter to the Bank Ombudsman, the Central Bank, a court or other competent authorities.
33. Registration of complaints and enabling service users to track their status
33.1. All complaints received are registered, and each registered complaint is
assigned a unique reference number. The financial institution provides the complainant with confirmation that the complaint has been accepted for consideration (by making an appropriate notation on the copy of the complaint retained by the service user, issuing a confirmation document) or sends an SMS notification.
33.2. The financial institution maintains complaints register in accordance with
the template set out in Annex 4 herein.
33.3. The financial institution records in the complaints register all information
necessary to identify the grounds and nature of complaints and ensure their effective classification and handling. Registered complaints and all documents and correspondence relating thereto are retained in the complaints register for at least 5 (five) years, unless a different retention period is prescribed by applicable legislation or regulations of the Central Bank.
33.4. The information contained in the complaints register is aggregated by
period of receipt (on a semi-annual basis) and by the nature of complaints (the number of complaints that have been responded to, are currently under review or have been rejected, and their breakdown by products and services, including by their specific subject matter), is published on a semi-annual basis in the “Applications” section of the financial institution’s website and retained in that section for at least three (3) years.
33.5. The financial institution informs the service user, in a durable medium and
with the relevant dates, of the status of the complaint-handling process (at least “Complaint registered”, “Complaint under review” and “Complaint responded to”.
34. Reporting
34.1. Registered complaints are analyzed by the Complaint Handling Function,
causes of complaints are investigated, and reports are prepared on results.
34.2. The report includes, at a minimum, the following information:
34.2.1. information about the service user.
34.2.2. the number of complaints and their reasons.

34.2.3. the breakdown of complaints by financial product.
34.2.4. the number of complaints that have been responded to, are under review,
or have been left unconsidered.
34.2.5. the number of complaints compensated and amounts of compensation.
34.2.6. a comparative analysis, against previous periods (on a monthly, quarterly
and annual basis), of the information specified in sub-tems 34.2.1–34.2.5 herein.
34.2.7. measures to be taken to address identified deficiencies (changes to the
processes for providing financial products, types of products, means of communication with service recipients, advertising information, and other related processes, products and information).
34.3. The reports are discussed at least once a quarter by the financial institution’s
Board of Directors (Supervisory Board), as well as by the executive body at the frequency specified in the Internal Rules for the Handling of Complaints, and relevant decisions are made. The report is submitted to the Central Bank within 20 (twenty) days after the end of the quarter. Taleh Kazimov Governor The Central Bank of Azerbaijan

Annex 1 to the Methodological Guidelines on Market
Conduct of Financial Institutions
Bank products and payment services

Disclosure of data on credit products
1.1. A financial institution, at all locations where credit products are offered, on
its official website, in its mobile applications and on other electronic platforms, in addition to the information specified in sub-items 8.1.3, 8.1.4 and 8.1.6 of these Guidelines, prominently highlight and disclose the following information relating specifically to card-linked financial products, in a manner that is materially more prominent and legible than the other information disclosed:
1.1.1. the existence of a credit line attached to cards offered in connection with the
purchase of goods or the provision of services, including the applicable interest rate.
1.1.2. where applicable, the charging of interest on the outstanding amount
following the expiry of the grace period or in the event of late instalment payments.
1.1.3. where applicable, the possibility of recovering any resulting obligations by
debiting other accounts held by the consumer.
1.1.4. where applicable, the availability of funds without any additional charge
solely through the use of the debit function of the card.
1.1.5. the order of application of payments towards outstanding debts.
1.1.6. the consumer’s obligation to protect the confidentiality of information
relating to the card.
1.1.7. the risks associated with the use of the card, as well as the allocation of
responsibility in the event of misuse of the card or failure to comply with security requirements.
1.2. In all advertising and sales materials relating to credit and card products
offered to consumers, on official websites, in mobile applications, on electronic portals, in agreements and in all information required to be disclosed, the annual interest rate and the annual effective interest rate (EAR) is stated in all cases, irrespective of the period to which the interest rate is linked (e.g. monthly). Information relating to interest rates is presented in the same font size and with the same degree of prominence and visibility.

1.3. In accordance with Section 12 herein, the financial institution provides
consumers who express an interest in card-linked financial products with a clear explanation of the information specified in Item 1.1 of this Annex.
2. Account statement
2.1. A financial institution, at the consumer’s request, provides the consumer
with an account statement for all accounts held by him/her, including a separate account statement for the account to which the credit has been disbursed.
2.2. A FI provides the consumer with an account statement, and a paper or other
durable medium copy of any account statement previously provided to the consumer, within a reasonable period following receipt of the consumer’s request and, in any event, no later than 3 (three) business days from the date of receipt of such request.
2.3. Except in the case of a payment account, a financial institution discloses at
least the following information in the account statement:
2.3.1. the consumer’s first, last and middle names.
2.3.2. the name, TIN and address of the financial institution.
2.3.3. the period covered by the account statement.
2.3.4. the date of the previous account statement and the balance as at that date.
2.3.5. the current balance as at the date of the account statement.
2.3.6. any corrections made to the information in the previous account statement.
2.3.7. the procedure for requesting clarification from the financial institution or
submitting a complaint concerning a transaction on the account.
2.3.8. the means and addresses through which the consumer may submit an
application or complaint to the Central Bank and to bodies responsible for dispute resolution.
2.4. In addition to the information specified in Para 2.3 of this Annex, the FI
discloses the following information in the account statement relating to a deposit account:
2.4.1. the amount, date and nature of each transaction on the account, as well as
any applicable transaction fee, charge or exchange rate.
2.4.2. the current annual interest rate and information on any changes thereto
during the reporting period.
2.4.3. the amount of interest accrued on the funds held in the account and the date
of its accrual.
2.4.4. whether the deposit is covered by the deposit guarantee scheme.

2.5. In addition to the information specified in Para 2.3 of this Annex, a financial
institution discloses in the account statement relating to the account to which the credit has been disbursed the payments due under the repayment schedule, the respective payment due dates and the composition of such payments, including interest calculated at the annual interest rate and any other applicable additional costs.
2.6. In the account statement relating to a payment account, a financial institution
discloses the information specified in Article 17 of the Law of the Republic of Azerbaijan ‘on Payment Services and Payment Systems.’
2.7. Other information may be included in an account statement provided that
such information is of less importance than the information to be disclosed in relation to the financial product and does not contain any advertising of, or offers relating to, a financial product (e.g. an increase in the credit line limit).
2.8. The information in the account statement covers the period to which the
account statement relates.
3. Information on the amount of debt and its repayment
3.1. Upon the consumer’s request, the FI provides, in writing, a breakdown of the
amount required for the full discharge of the consumer’s obligations under the consumer loan agreement, specifying separately each amount comprising the total amount due.
3.2. The information provided includes a warning that the amount required to
repay the outstanding debt under the consumer loan may change depending on the payment date.
3.3. The financial institution provides the requested information no later than 3
(three) business days from the date on which the request is received.
3.4. For card-linked products offered in connection with the purchase of goods or
the provision of services, an SMS notification is sent to the customer’s mobile telephone number (if any) at least 24 hours before the payment due date. The notification specifies the payment due date and the interest that will accrue in the event of late payment.
4. Suitability of credit products for consumers
4.1. A financial institution, prior to offering a credit product, assesses to a
reasonable extent whether the credit product is appropriate to consumer’s needs, objectives and financial means.
4.2. To determine the suitability of credit products for the consumer, the financial
institution:

4.2.1.carries out reasonable inquiries to determine consumer’s needs, objectives and financial means (hereinafter – consumer’s circumstances). 4.2.2.analyzes the consumer’s financial situation and creditworthiness. 4.2.3.determines the credit product that is appropriate to the consumer’s circumstances, including the consumer’s risk profile.
4.3. Where a financial institution determines that the financial product for which
the consumer has applied is not suitable for the consumer, it either provides the consumer with advice containing the following information or refuses to grant the loan:
4.3.1.the reasons why the credit product is not suitable for consumer’s circumstances. 4.3.2.the credit product that is suitable for the consumer.
4.4. The financial institution signs a document recording the advice provided
(indicating the date on which the advice was provided) and provides the consumer with a copy of that document on a durable medium prior to offering the credit product.
4.5. At the beginning of the document recording the advice, the financial
institution includes a notice in the following content:
Warning: This document sets out the reasons why the proposed credit product is considered suitable for your needs, objectives and financial means.
4.6. A financial institution develops and implements written policies and
procedures to ensure compliance with the obligations set out in Section 4 of this Annex.
4.7. Section 4 of this Annex does not apply to the credits referred to in sub-item
9.1 of the ‘Regulation on the organization and implementation of activities by payment and
electronic money institutions’ approved by the Decision of the Central Bank dated 10 January 2024.
4.8. A register of credit applications is maintained. Where an application for
credit is refused, the bank, at the applicant’s request, provides the applicant with a clear written response stating the reasons for the refusal.
5. Accessibility of ATMs
5.1. A financial institution ensures that ATMs are accessible to consumers with
physical disabilities.
5.2. Screens of ATMs and the areas in which they are located are adequately
illuminated to ensure ease of reading and use by consumers with physical disabilities.

5.3. At least 5% of FI ’s ATMs, including at least one at its head office and one at
each regional centre, is accessible to consumers with physical disabilities, and the locations of such ATMs provide for the following accessibility features:
5.3.1. keys on the keypad are arranged in accordance with standard telephone
keypad layout. The size and spacing of the keys are designed so as to minimise the risk of inadvertently pressing the wrong key. The keys are designed to require no additional physical force for activation by consumers with physical disabilities. The number 5 on the keypad is tactilely distinguishable from the other keys in accordance with the standard telephone keypad layout.
5.3.2. ATMs are equipped with headset functionality for consumers with visual
impairments. Upon connection of the headset, an audio menu is activated automatically, and the screen is switched off; the audio menu automatically stops when the headset is disconnected.
5.3.3. relevant keys on ATMs keypad are tactile and distinguishable from the other
keys by touch and are also marked in Braille.
5.3.4. ATMs are equipped with a warning system using an audible signal or
vibration to indicate that an incorrect transaction or operation has been performed.
5.3.5. audio menus, by default, prioritize balance inquiry, cash withdrawal,
repayment of credit card debt and access to information.
5.3.6. ATMs provide the facility to issue transaction statements, receipts and
other documents of a similar nature in Braille.
5.3.7. an adequate manoeuvring space is provided in front of ATMs to enable a
person using a wheelchair to approach and leave the ATM.
5.3.8. ATMs are installed at a height suitable for use by individuals using
wheelchairs.
5.4. Detailed information, in both audio and written form, on the locations of
ATMs designated for consumers with physical disabilities is made available on the financial institution’s website and on its mobile applications.
6. Assistance to consumers experiencing financial difficulties
6.1. A financial institution adopts processes and policies for early identification
of consumers experiencing financial difficulties in relation to a consumer loan agreement.
6.2. Before initiating any enforcement proceedings or other compulsory
enforcement measures in connection with a consumer loan agreement, a financial institution may, having regard to consumer’s circumstances, assess the possibility of

granting forbearance measures (an extension of the term of the consumer loan agreement, a deferral of payments, a revision of the interest rate, etc.).
7. Refinancing of consumer loans
7.1. Where a financial institution refinances (restructures) all or part of a
consumer loan, except in the case provided for in Article 746.2.8 of the Civil Code, the requirements of these Guidelines also apply to the refinancing (restructuring) agreement.
8. Debt collection
8.1. A financial institution should not, when demanding or collecting amounts
due in connection with a financial product, subject a consumer to physical violence, coercion, undue influence, abusive or offensive language, pressure, threats, unfair treatment or any other similar conduct.
8.2. A financial institution avoids the following or any similar practices,
including but not limited to:
8.2.1. providing the consumer with false or misleading information regarding the
nature, amount or legal status of the debt.
8.2.2. providing false or misleading information regarding the status or capacity
of the person requesting payment from the consumer.
8.2.3. providing false or misleading information regarding the consequences for
the consumer of failing to comply with a payment demand.
8.2.4. except as provided for in Para 8.3 of this Annex, disclosing to a third party
that the consumer has an outstanding debt, or threatening to make such disclosure.
8.3. The FI may disclose information concerning a debt to third parties engaged
in debt collection only where such third parties undertake to comply with the requirements of Section 8 of this Annex and all other applicable requirements in the same manner as the FI, and subject to the consumer’s consent. A financial institution is responsible for debt collection activities carried out on its behalf by third parties.
9. Termination of insurance agreements related to loans
9.1. Where a credit agreement is terminated prior to its expiry, the financial
institution provides the consumer, on a durable medium, with information explaining procedures for terminating the insurance agreement concluded in connection with the credit and obtaining a refund of any remaining insurance premium.

9.2. Where grounds arise for the termination of an insurance agreement
concluded through the financial institution providing the credit, the financial institution informs the insurer thereof on a durable medium without undue delay.
10. Restriction of and blocking payment instruments
10.1. The FI enables the consumer to immediately block a payment instrument, at
any time within a 24-hour period, at least by telephone, in accordance with the Law of the Republic of Azerbaijan ‘on Payment Services and Payment Systems.’
10.2. A financial institution provides direct access to the blocking function,
without requiring the consumer to navigate through other menus, for the rapid blocking of a payment instrument by telephone (call) and ensures that the blocking is effected immediately through this channel.
10.3. Subject to the circumstances provided for by applicable legislation, a
financial institution enables consumers, through the mobile applications in which financial services are provided, to additionally block the following transactions:
10.3.1. cash withdrawals.
10.3.2. electronic commerce-related cashless payments (including transfers of
funds to other bank accounts).
10.3.3. cashless settlements.
10.4. The application and removal of the restrictions referred to in Paras 10.3.1–
10.3.3 of this Annex are carried out using, at a minimum, strong customer authentication.
A financial institution may use additional means of customer authentication for the application and removal of such restrictions.
10.5. Where a restriction referred to in Para 10.3 of this Annex is applied, it takes
effect immediately.
10.6. Strong customer authentication is defined as an authentication process
based on the use of two or more independent elements belonging to the following categories, designed to protect the confidentiality of authentication data: knowledge — something known only to the customer or to an individual intending to become a customer (e.g. a password, PIN, set of questions, etc.); possession — something possessed by the customer or such person (e.g. a mobile application, OTP, TOTP, electronic signature, token, etc.); or inherence — something inherent to the customer (e.g. facial recognition, voice recognition, fingerprint, etc.). The independence of the elements means that the compromise of one element does not compromise the security of the other element.

Advertising credit products
11.1. Where information is provided on any cost associated with a consumer
credit agreement, any costs included in the total cost of the credit, including the EAR, is displayed in the main body of the advertising and sales materials and presented in the same size and format as the interest rates.
11.2. For mortgage loans, the main body of the advertising and sales materials
contains the following warning:
Warning: If the mortgage loan is not repaid, the mortgaged property may be repossessed.
11.3. The advertising and sales materials relating to the credit offered to the
consumer contain the following warning:
Warning: Failure to repay the credit or late repayment may adversely affect your credit history and make it more difficult to obtain credit in the future.
11.4. Where compensation is payable upon early repayment of the credit, the
advertising and sales materials relating to such credit contain the following warning:
Warning: If you repay the credit early, you may be required to pay an additional fee
Advertising of deposit products
12.1. The following requirements are ensured in the main body of the advertising
and sales materials for deposit products:
12.1.1. it states whether the interest rates are fixed or variable.
12.1.2. the advertised interest rate is presented together with the annual interest
rate, and such information is displayed in the same size and format.
12.1.3. the minimum term and/or minimum amount required to qualify for the
advertised interest rate (if any) is stated.
12.1.4. any applicable taxes should be stated.
12.2. Interest rates applicable to deposit products should be presented clearly
and accurately in advertising and sales materials and should not be misleading.
12.3. For deposit products with variable interest rates that may be changed upon
early withdrawal, the advertising and sales materials contain the following warning:

Warning: If you withdraw the deposit before its maturity, the interest rate may change, or no interest may be paid.

Annex 2 to the Methodological Guidelines
on Market Conduct of Financial Institutions
Insurance products

Disclosure of data on insurance products
1.1. In addition to the information specified in Item 8.1 of these Guidelines, the
financial institution discloses the following information at all locations where financial products are offered, on its official website, on its mobile applications and on other electronic platforms:
1.1.1. the procedure, time limits and contact details for notifying an insurance
event and submitting an insurance claim.
1.1.2. where applicable, the amount of any excess/deductible and waiting periods,
including their types, circumstances in which they apply, amounts (or amount ranges) and other applicable terms and conditions.
1.1.3. the rules and procedures for the settlement of insurance claims and the time
limits for assessing losses.
1.1.4. the procedure for keeping consumers informed at each stage of the
insurance claim settlement process.
1.1.5. consumers’ rights where payment of an insurance claim is refused.
1.2. When entering into an insurance agreement, the financial institution, at the
consumer’s request, provides the consumer with the insurer’s financial statements, as confirmed by an external auditor, and its financial results for the relevant financial year.
Provision of information on insurance agreements
2.1. Except in the cases provided for under the ‘Regulation on insurance of borrower’s
life against death and loss of capacity for work under loan agreements’, the financial institution requires the consumer to provide, on a durable medium, information concerning circumstances that may influence the financial institution’s decision to refuse to enter into an insurance agreement or enter into the agreement on amended terms.

2.2. In accordance with Article 911.2 of the Civil Code, the financial institution
explains to the consumer legal consequences of failing to provide required information.
2.3. Where applicable, before entering into a property insurance agreement, the
financial institution informs the consumer that it has the right to engage individuals designated by the financial institution to repair or restore the damaged property.
3. Final draft of the insurance agreement
3.1. The final draft of the insurance agreement and the insurance certificate
include the information specified in Articles 900 and 902 of the Civil Code.
3.2. Excluded risks and grounds for refusal to make an insurance payment are set
out consecutively in separate sections of the insurance agreement (and, where applicable, the insurance certificate). The information in these sections are distinguished from the main body of the agreement (certificate) by using bold type.
3.3. The inclusion of excluded risks or grounds for refusal to make an insurance
payment in any other section is not permitted.
4. Account statement
4.1. For savings-oriented life insurance products, the financial institution
provides the consumer with a separate account statement, upon his/her request.
4.2. The financial institution provides the account statement and a copy, on paper
or another durable medium, of any account statement previously provided to the consumer within a reasonable period from the date of receipt of the consumer’s request, but no later than 3 (three) business days.
4.3. The FI discloses the following information in the account statement:
4.3.1. the consumer’s first, last, middle names.
4.3.2. the name, TIN and address of the financial institution.
4.3.3. the period covered by the account statement.
4.3.4. the date of the previous statement and the balance as at that date.
4.3.5. the current balance as at the date of the statement.
4.3.6. the amount, date and nature of each transaction on the account, as well as
any applicable service fee, charge or exchange rate.
4.3.7. where funds are held in different currencies, respective amounts.
4.3.8. any corrections to information in the previous statement.
4.3.9. the current annual interest rate and information on any changes thereto
during the reporting period.

4.3.10. the interest accrued on the funds held in the account and the date of their
accrual.
4.3.11. the procedure for clarifying a transaction on the account with the financial
institution or submitting a complaint.
4.3.12. the means of and address for submitting complaints or applications to the
Central Bank and bodies responsible for dispute resolution.
4.4. The account statement may also include other information that is less
material than the information to be disclosed in respect of a financial product and/or that does not contain any advertising or offers relating to a financial product.
4.5. The information in the account statement covers the period to which the
statement relates.
5. Settlement of insurance claims
5.1. The insurer has internal rules and procedures in place for the effective, fair
and expeditious settlement of insurance claims, covering all stages of the claims settlement process in sequence. These rules and procedures specify the organisational unit responsible for each stage of the insurance claims settlement process and the maximum expected time limits for completion of each stage.
5.2. Upon the occurrence of an insured event, the insurer ensures that:
5.2.1. insurance claims are investigated objectively and within the time limits
prescribed by law.
5.2.2. the consumer is provided with explanations and guidance on submitting
an insurance claim, as well as information on the progress of the claim.
5.2.3. the consumer is not discouraged from submitting an insurance claim.
5.2.4. when assessing an insurance claim, only information required by law and
the insurance rules for the purpose of making a decision on whether to make an insurance payment is requested, and the consumer is provided with an explanation of the reasons for requesting such information.
5.2.5. where the amount of loss is to be assessed, information is provided on the
procedure for determining the amount of the loss and engaging an independent expert where the parties fail to reach an agreement.
5.2.6. the insurance payment is made in accordance with the law within the
shortest possible period.
5.2.7. where an insurance payment is refused, the consumer is provided with a
reasoned notice containing, at a minimum, the following information:

5.2.7.1. parts of the insurance claim that have not been accepted by the insurer.
5.2.7.2. the reasons for the decision to refuse the insurance payment.
5.2.7.3. information on the consumer’s right to obtain the information relied upon
by the insurer in making its decision, including documents and information provided by third parties.
5.2.7.4. the information specified in Annex 5 to these Guidelines.
5.3. Upon receiving information concerning an event that may constitute an
insured event, and upon arriving at the scene of the event, the insurer immediately provides the policyholder (and, where applicable, the insured person and the beneficiary) with the following information, both verbally and on a durable medium:
5.3.1. the actions required and documents to be submitted under applicable
legislation and the insurance agreement for the event to be recognised as an insured event, for the assessment of the loss and for receipt of the insurance payment.
5.3.2. the form of insurance payment specified under applicable legislation and
the insurance agreement and, where applicable, the procedure for changing such form.
5.3.3. the rights and obligations of the parties.
5.4. Following a decision to make an insurance payment, the insurer, within the
shortest possible period, provides the consumer with information on a durable medium setting out the following details concerning the calculation of the insurance payment:
5.4.1. the amount of insurance payment in respect of personal insurance.
5.4.2. in respect of property insurance, where applicable, the amount of the
insurance payment, as well as a list and the value of the property provided to the consumer as an insurance payment or the repair works to be carried out (including the name of the repair service provider).
5.4.3. in respect of health insurance, the name of the healthcare provider or
pharmacy visited, the date of the visit, the services received and medicinal products obtained, the amount claimed by such provider or pharmacy from the insurer, and the remaining amount of the sum insured under the insurance agreement.
5.4.4. the method of calculating the insurance payment.
5.4.5. the relevant legal provision and the terms and conditions of the insurance
agreement relied upon in calculating the insurance payment.
5.4.6. where a depreciation coefficient is applied in calculating the insurance
payment, the method of calculating such coefficient.

5.5. Where an insurance payment is made to a consumer who is not the
policyholder under the insurance agreement (i.e. the beneficiary), the insurer provides the policyholder, on a durable medium, with information on the amount of insurance payment and the form in which the payment is made. Where applicable, the insurer also provides information on the impact of the insurance payment on the policyholder’s subsequent insurance agreements.
5.6. For compulsory third-party liability insurance of motor vehicle owners, the
insurer’s employee attending the scene of an incident carries with him/her the protocol form prescribed by Article 58.2 of the Law of the Republic of Azerbaijan ‘on Compulsory Insurance’ and provides it to the parties involved in the incident. The insurer’s employee explains the procedure for completing the protocol and assists the parties in completing it. Where the protocol is completed, the parties are informed that a road traffic accident report issued by the competent authority confirming the occurrence of an event that may constitute an insured event is not required.

Annex 3 to the Methodological Guidelines on Market
Conduct of Financial Institutions
Investment services

Disclosure of insurance risks
1.1. In addition to the information to be provided under applicable legislation,
financial institutions providing investment services, prior to the provision of such investment services, disclose to clients the following information:
1.1.1. the investment services offered and the risks associated with transactions
in securities and derivative financial instruments, and their consequences.
1.1.2. the risks associated with, and potential consequences of, the investment
strategies and trading systems (platforms) offered by the financial institution;
1.1.3. where margin trading services are offered, the risks that may arise in
connection with opened and closed positions, including the information set out in the ‘Margin Trading Risk Disclosure Document’.
Additional obligations of financial institutions providing investment services
2.1. Where required by law, FIs providing investment services, prior to entering
into an agreement with a service user, collect information on his/her financial standing and investment objectives, information necessary to assess his/her investment experience and attitude to risk, and ensures that such information is appropriately maintained.
2.2. Financial institutions providing portfolio management or investment advice
to individual investors, on the basis of the information provided by the service user, ensures the suitability of the securities and financial products recommended to him/her.
2.3. Unless the agreement for the provision of investment services provides for
more favourable terms for service users, where he/she requests payment or transfer to another investment firm or bank providing investment services of uninvested funds held in the service user’s account, the FI providing investment services ensures that:
2.3.1.the payment or transfer is executed no later than 3 (three) business days. 2.3.2.transaction costs are reasonable and proportionate to actual costs incurred by the financial institution.

2.3.3.procedures are clear and easy to understand. Such procedures cover all steps required to close the service user’s account or complete transactions.
2.4. FIs providing investment services keep service users’ registration
information up to date and ensure that it is complete and readily accessible.
2.5. Service users’ records include:
2.5.1. copies, stored on a durable medium, of all documents required for the
identification of service users, their contact details and the establishment of their profile. 2.5.2.all contractual notices and periodic reports provided to the service user. 2.5.3.detailed records of all advice provided to the service user and information relating to the financial products provided to him/her. 2.5.4.all correspondence with the service user. 2.5.5.all documents provided by the service user for providing investment advice and financial products.
2.6. The consent (authorisation) referred to in Article 33 of the Law of the Republic
of Azerbaijan on the Securities Market is drawn up as a separate document. The authorisation referred to in Article 33.1 of that Law clearly and unambiguously specifies at least the people to whom the funds are to be provided and the purposes for which the funds may be used. The written consent referred to in Article 33.2 clearly and unambiguously specifies obligations against which the customer assets may be encumbered and the period of validity of the consent. Relevant terms are explained to the customer.
3. Advertising investment services
3.1. Investment service advertisements and sales materials involving the risk of
loss of all or part of the consumer’s investment include the following warning:
Warning: Depending on market conditions and the performance of your investment, you may lose all or part of the amount you have invested.
3.2. Advertising and sales materials relating to investment products whose
value or return is not fixed and may fluctuate include the following warning:
Warning: Depending on market conditions and investment performance, the value of your investment may increase or decrease.

3.3. Advertising and sales materials relating to investment products whose
nominal amount or value is denominated in a foreign currency include the following warning:
Warning: The value of (name of financial product) may be affected by exchange rate fluctuations.
3.4. Advertising and sales materials relating to investment products that restrict
the disposal of, or redemption of, invested funds for a specified period include the following warning:
Warning: If you invest, your access to your funds will be restricted until (date or period).
3.5. Where a financial institution includes information on the past performance
of an investment product and/or its own activities in advertising or sales materials, it ensures that such information:
3.5.1. is not misleading with regard to past performance or the future
profitability of the financial product.
3.5.2. relates to past performance of the same investment product advertised.
3.5.3. is not presented in a manner that exaggerates success or conceals the
underperformance of the investment product promoted.
3.5.4. identifies the source of information in advertising or sales materials.
3.5.5. is based on actual results.
3.5.6. covers sufficiently recent periods.
3.5.7. takes into account transaction costs, interest rates and taxes.
3.5.8. states that it does not constitute investment advice.

Annex 4 to the Methodological Guidelines on Market
Conduct of Financial Institutions
Complaint Register Form
A complaint received by a financial institution is recorded using, at a minimum, the following categories of information:

General information on receipt of the complaint.
Information on the complainant.
Information on the financial product.
Information on the type and substance of the complaint.
Final outcome.
General information on receipt of the complaint:

Date of receipt of the complaint and its unique registration number.
Submittance sdhannel through which the complaint was submitted.
Information obtained in relation to previous complaints or other requests (if any).
Monitoring of actions taken.
Date of closure of the case.

Information on the complainant:
Name of the complainant (where the complainant is an individual, first, last and middle names; where the complainant is a legal person, name, legal form and TIN).

Contact details of the complainant (address, telephone number, e-mail, etc.).
Whether the complainant is an individual or legal entity.
Social status (person with a disability, veteran, student, family of a martyr, etc.) *
Age*
Gender*

This information may be used by the financial institution to develop targeted financial awareness policies for relevant
groups to raise awareness of complaints and complaint-handling mechanisms.

Product information:
3.1 Examples for banks and non-bank credit institutions:
Loans:

Consumer loan
Car loan
Mortgage loan
Business loan
Other.
Bank accounts and bank deposits:
Bank account
Demand deposit
Term deposit
Other.
Other banking operations:
Express money transfers
Foreign currency exchange
Online banking
Credit cards
Debit cards
Other.
3.2. Example for insurers:
Compulsory insurance:
Compulsory third-party liability insurance for owners of motor vehicles
Compulsory insurance of immovable property
Compulsory third-party liability insurance arising from the operation of immovable
property
Compulsory insurance against loss of professional capacity as a result of occupational
accidents and occupational diseases
Other.
Voluntary insurance:
Voluntary Motor Vehicle Insurance
Insurance of property against fire and other risks
Credit risk insurance
Personal accident insurance
Third-party liability insurance
Health insurance
Travel insurance
Agricultural crop insurance
Agricultural livestock insurance
Life insurance against death
Endowment life insurance
Other.
3.3. Example for investment firms:
Investment services:
Reception and execution of client orders relating to transactions in securities or
derivative financial instruments.
Portfolio management for individual investors.
Provision of investment advice.
Placement and underwriting of securities without assuming an obligation
Placement and underwriting of securities with an obligation
Dealing on own account in securities or derivative financial instruments as a member
of the central depository and the stock exchange
Margin trading
Other.
3.4. Examples for payment service providers:
cash-in and/or cash-out transactions in relation to a payment account
execution of payment transactions by credit transfer, direct debit, payment card or other
similar payment instruments
issuance of payment instruments and/or acquiring of payment transactions
issuance of e-money and execution of payment transactions using e-money;
other

Information on the type and substance of the complaint:
4.1. For banks, non-bank credit institutions and credit unions:

refusal to grant a loan.
refusal to apply a concession in relation to a loan.
unlawful granting of a loan.
incorrect calculation of the loan debt.
failure to repay a deposit.
incorrect calculation of deposit interest.
Soviet-era deposits.
incorrect submission of information to the CCR or a credit bureau.
failure to delete information from the CCR or a credit bureau.
termination of a guarantee.
unlawful establishment of a guarantee.
phishing transactions.
incorrect calculation of the debt.
unauthorised debit.
bank secrecy.
cash withdrawal limits.
Other.
4.2. for insurers:
incorrect appraisal of damage to property.
refusal to make an insurance payment.
late payment of an insurance claim.
difficulties in obtaining insurance payment (requests for additional documents).
Other.
4.3. for payment systems and services:
Commission fee
Phising
Online banking
Express money transfers
Request for reception
Other.
4.4. for investment companies:
Shares
Bonds
Portfolio management
Other.

Final outcome:
The outcome is categorised as follows:

Explanation provided to the consumer.
Consumer’s complaint partially upheld.
Complaint referred to another institution (specifying the name of the institution)
because its resolution falls outside the financial institution’s remit.
Consumer’s complaint upheld.
Consumer’s complaint rejected.
Under consideration.
Complaint closed without consideration.

Annex 5 to the Methodological Guidelines
on Market Conduct of Financial Institutions
Where can you file a complaint? with the financial institution

If you have a complaint about our services, you should first contact us (the financial
institution that provides you with the service).
Explain the reason for your dissatisfaction and the nature of the problem (It is
preferable to submit your complaint in writing, either on paper or electronically).
Your complaint will be reviewed and responded to within the time limits established
by the Law of the Republic of Azerbaijan on Citizens’ Appeals and the Law of the Republic of Azerbaijan on Payment Services and Payment Systems. The applicable time limit is (specify period).
If you wish to have another person submit a complaint on your behalf, you should
formally authorise that person. Where a complaint is submitted to the relevant institution(s) through a representative, documents confirming the representative’s authority should be attached with the complaint. to the Central Bank of the Republic of Azerbaijan
If you are dissatisfied with the outcome of your complaint, you may contact the Central
Bank of the Republic of Azerbaijan (Central Bank) through the 966 Hotline, during an inperson appointment, or through official channels, including by submitting a written complaint by post or electronically, or through telegram and other available means. The Central Bank will take appropriate measures to address your complaint or provide you with an appropriate explanation concerning your request.
The Central Bank will review and respond to your complaint within the time limits
established by the Law of the Republic of Azerbaijan on Citizens’ Appeals. The applicable time limit is [specify period]. to the Bank Ombudsman, a mediator (mediation organisation) or a court
If you are dissatisfied with the response of the Central Bank or the financial institution,
you may apply to the Bank Ombudsman, a mediator (mediation organisation agreed in advance with, or proposed by, the financial institution), and/or a court.
The Bank Ombudsman is a permanent body operating under the Azerbaijan Banks
Association that considers disputes between banks and their individual customers.

Where the applicant is an individual, the Bank Ombudsman may consider civil disputes arising in connection with the conclusion, amendment, performance or termination of agreements. The Bank Ombudsman is not authorised to consider applications submitted by legal entities or individuals engaged in entrepreneurial activities.

You may also bring a claim before a court in accordance with the applicable legislation.
Note: The Constitution of the Republic of Azerbaijan guarantees everyone the right to judicial protection. Accordingly, regardless of whether you have submitted your complaint to a financial institution, the Central Bank of the Republic of Azerbaijan, a mediator or the Bank Ombudsman, you have the right to bring your complaint directly before a court.

Annex 6 to the Methodological Guidelines
on Market Conduct of Financial Institutions
Standardised information form for insurance agreements

Name of insurer
Address of insurer
Type of insurance For instance, property insurance
Period of insurance coverage
Insurance amount _________ manat/dollar/other foreign currency

Method of payment of the insurance claim
7. Risks covered
8. Exclusions
9. Grounds for refusal to make payment
10.
Grounds for refusal to make an insurance payment Insurance premirum and payment terms:
The insurance premium is paid by the following date(s):
11.
Consequences of late payment of the insurance premium 12.
Consequences of providing incorrect information about the risk 13.
Period and conditions for exercising the consumer’s right to terminate the insurance contract early 14. Period of validity of the information provided in this Form The information is valid until __ / __ / 20__ 15. Steps the consumer may take to protect his/her rights if the information provided in this Form is found to be inconsistent with the law or if his/her rights have been violated You may contact:

the insurer (contact details to be provided).
the Central Bank of the Republic of Azerbaijan.
mediator (mediation organisation).
a court.

Hotline of the Central Bank of the
Republic of Azerbaijan
Calls to the 966 Hotline are accepted continuously on business days from 09:00 to 18:00 17. Confirmation that the consumer has received this Form First and last names:______________ Signature: ______________ Date: ______________