Regulation on Minimum Requirements for the Procedure for Providing Financial Services and Handling Consumer Complaints

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Creation date: 2025-07-10

Approved

by the resolution of the Board of the National Bank of the Kyrgyz Republic

of June 24, 2015 No. 35/10

REGULATION

"On the Minimum Requirements for the Procedure for Providing Banking Services and Considering Consumer Appeals"

(In the edition of the resolutions of the Board of the National Bank of the Kyrgyz Republic of August 24, 2016 No. 35/3, June 8, 2017 No. 2017-P-17/23-7, January 30, 2019 No. 2019-P-33/4-2, February 26, 2020 No. 2020-P-12/8-8, December 28, 2022 No. 2022-P-34/83-9, January 22, 2025 No. 2025-P-12/2-2-(NPA))

Chapter 1. General Provisions

1. This Regulation is developed for the purpose of protecting the rights and legitimate interests of consumers and establishes minimum requirements for the activities of banks, non-bank financial-credit organizations, and other legal entities under the supervision of the National Bank (entities providing banking services), (hereinafter - FCO), in providing banking services and considering appeals of consumers of these services, as well as defines the competence and procedure for interaction between the National Bank and FCOs in the field of consumer protection.

(In the edition of the resolution of the Board of the National Bank of the Kyrgyz Republic of December 28, 2022 No. 2022-P-34/83-9)

2. (Lost force in accordance with the resolution of the Board of the National Bank of the Kyrgyz Republic of June 8, 2017 No. 2017-P-17/23-7)

3. For the purposes of this Regulation, the following concepts are used:

1. National Bank - the National Bank of the Kyrgyz Republic;

2. authorized structural unit of the National Bank - a structural unit of the National Bank authorized to exercise supervision over compliance by entities under the supervision of the National Bank with the legislation of the Kyrgyz Republic in the field of consumer protection of banking services;

3. banking services - operations and services carried out and provided by FCOs in accordance with the legislation of the Kyrgyz Republic;

4. consumer - any natural person (including an individual entrepreneur) who has used, is using, or intends to use banking services;

5. appeal - an oral or written complaint and statement (dispute) of a consumer to an FCO containing information about the violation and/or restoration of his rights, about the violation of the requirements of normative legal acts, as well as information regarding banking services, including about changes in contract terms;

6. appeal consideration procedure - an internal procedure for considering consumer appeals approved by the executive body of the FCO, including all stages from receipt to consideration on the merits;

7. responsible employee of the FCO - an employee (backup) in the head office or branch of the FCO responsible for receiving, registering, and considering consumer appeals, and contacting consumers;

8. book of complaints and suggestions - a special book for recording consumer complaints and suggestions for their subsequent consideration in the established order;

9. "mystery shopper" event - a special event organized by the authorized structural unit of the National Bank to check the procedure and quality of providing banking services.

(In the edition of the resolutions of the Board of the National Bank of the Kyrgyz Republic of June 8, 2017 No. 2017-P-17/23-7, December 28, 2022 No. 2022-P-34/83-9)

4. When providing banking services and considering consumer appeals, FCOs are guided by the following basic principles:

1. legality, honesty, good faith, transparency, reasonableness, fairness, social responsibility;

2. respect and protection of the rights and legitimate interests of consumers, a partnership attitude towards them;

3. mandatory consideration of appeals and provision of the results of their consideration;

4. timeliness, objectivity, and completeness of consideration of appeals;

5. equality of consumers in the consideration of appeals;

6. ensuring the preservation and non-disclosure of information constituting banking secrecy.

(In the edition of the resolution of the Board of the National Bank of the Kyrgyz Republic of December 28, 2022 No. 2022-P-34/83-9)

5. Consideration of consumer appeals is carried out free of charge. FCOs are not entitled to deprive or in any way restrict consumers in the opportunity to appeal to them. Refusal to accept appeals is not allowed.

(In the edition of the resolutions of the Board of the National Bank of the Kyrgyz Republic of August 24, 2016 No. 35/3, June 8, 2017 No. 2017-P-17/23-7)

Chapter 2. Requirements for the Procedure for Providing Banking Services

(Name of the chapter in the edition of the resolution of the Board of the National Bank of the Kyrgyz Republic of December 28, 2022 No. 2022-P-34/83-9)

6. Relations between FCOs and consumers are built in accordance with the civil legislation of the Kyrgyz Republic. Consumers are free in the choice of FCOs and banking services.

(In the edition of the resolution of the Board of the National Bank of the Kyrgyz Republic of December 28, 2022 No. 2022-P-34/83-9)

7. In accordance with the legislation, FCOs are obliged, at the request of a consumer, to provide him with the opportunity to familiarize himself with the charter, as well as with the license (certificate) and financial reporting.

8. General terms for providing banking services are open information and cannot be the subject of commercial or banking secrecy. Information about commission fees, tariffs, and interest rates for providing banking services must be open and accessible to consumers.

(In the edition of the resolutions of the Board of the National Bank of the Kyrgyz Republic of August 24, 2016 No. 35/3, December 28, 2022 No. 2022-P-34/83-9)

9. Before concluding any contract for the provision of banking services, the consumer must be provided with full disclosure of information about the services provided. Refusal to provide information about the terms and cost of the services provided is not allowed. FCOs are obliged to take all measures to bring to the attention of the consumer information about the terms of the services provided, risks associated with them, consequences and liability provided for by legislation.

(In the edition of the resolutions of the Board of the National Bank of the Kyrgyz Republic of August 24, 2016 No. 35/3, December 28, 2022 No. 2022-P-34/83-9)

10. Information about changes in the general terms for providing banking services, with the exception of information about interest rates, exchange rates, must be published in the media or on internet sites no less than ten working days before their entry into force, as well as constantly posted on information boards of FCOs. Information about changes in interest rates and exchange rates is published immediately.

(In the edition of the resolutions of the Board of the National Bank of the Kyrgyz Republic of August 24, 2016 No. 35/3, June 8, 2017 No. 2017-P-17/23-7, December 28, 2022 No. 2022-P-34/83-9)

11. Contracts concluded with clients must comply with banking and other legislation of the Kyrgyz Republic. Contracts concluded with clients in accordance with Islamic principles of banking and finance must also comply with Shariah standards. Contract texts must be printed in the same font of no less than twelve-point size, formulated as clearly and understandably as possible for consumers. At the choice of the consumer, the contract text is drawn up in the state or official language, about which the consumer must be informed in mandatory order before concluding the contract. At the discretion of the FCO, the contract text may be translated into another language with the mandatory preparation of a copy of the contract in the state or official language, which has precedence.

Before signing the contract (with