Central Bank strengthens protection of financial services consumers

The Central Bank of Uzbekistan has approved a conceptually new approach to regulating relations between financial institutions and clients. The developed document aims to systematically strengthen the institution of consumer protection of financial services, with an emphasis on transparency, awareness and fairness.

The concept is based on an analysis of the current situation in the financial sector of Uzbekistan, as well as on adapted elements of international best practices. The goal is to build an ecosystem in which consumers feel confident and secure at all stages of interaction with financial institutions: from the moment of making a decision to possible disputes.

The key point of the concept is the obligation of banks and other financial organizations to provide the client with complete, accessible and understandable information about products. This includes rates, commissions, risks, restrictions, and early termination conditions. This is not only about legal correctness, but also about ease of understanding — especially for socially vulnerable categories of citizens.

The document sets out a ban on the practice of imposing related services that are not stipulated by the main transaction. Product selection should be voluntary, and consultation should be objective. Special attention is paid to the protection of pensioners, people with disabilities and citizens with a low level of financial literacy-groups that are most susceptible to unfair actions.

Within the framework of the concept, banks also undertake to take into account the real financial situation of the client, offering solutions that correspond to their solvency and life situation. In cases of delays or temporary difficulties, organizations are required to provide support without allowing aggressive collection methods.

To ensure compliance with the new standards, the Central Bank introduces a system supervision mechanism. It will include customer experience analysis, complaint handling, proactive monitoring based on the "secret buyer" model, and the launch of the Financial Ombudsman Institute, an independent intermediary in resolving disputes between customers and banks.

The developed concept is not a static document. It is planned to review it every three years, taking into account the changing needs of the market, technological changes and requests from civil society. This will allow us to update our approaches in a timely manner and increase the level of confidence in the financial sector.

The Central Bank's initiative demonstrates the regulator's growing attention to ethics and social responsibility in the financial system. Creating a secure consumer space is a necessary step for the sustainable development of the domestic market and increasing the country's investment attractiveness.