National Bank of Georgia continues to take measures to protect the rights of consumers

2023/01/1300-1673682359.jpg
Read: 1643     13:30     14 ЯНВАРЬ 2023    

Financial institutions in Georgia will be required to comply with the new requirements aimed at protecting consumer rights from April 1, 2023, the National Bank said in a statement.

Protection of the rights and interests of consumers of the financial sector is one of the main priorities of the National Bank. The purpose of the new rules for financial institutions is transparency of prices for combined financial products, facilitating the adoption of the most informed decisions by consumers and encouraging competition in the market.

"Financial organizations, offering consumers a combination of financial products, should ensure transparent indication of the price of a separate financial product and provide consumers with appropriate information", the report says.

In particular, a financial institution must provide the client with complete information about both the combined offer and the sale price of a separate financial product.

The new requirements apply to commercial banks and branches of foreign banks operating in Georgia, as well as microfinance organizations, non–bank deposit institutions - credit unions and credit organizations.

According to the National Bank, users will have the opportunity to compare the financial products of one or more financial organizations, which will help the user to make an informed decision.

At the same time, financial organizations are not required to indicate the price of a financial product that they offer to customers only in combination with other financial products and which do not constitute an independent financial product.

In this case, it is sufficient for a financial institution to indicate and provide information to the client that the client cannot purchase a specific financial product separately.

The National Bank notes that in the process of developing the rules, the regulator actively cooperated with World Bank experts. The project is published on the website of the National Bank in order to receive opinions, comments and recommendations from interested parties.

sputnik-georgia.ru





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National Bank of Georgia continues to take measures to protect the rights of consumers

2023/01/1300-1673682359.jpg
Read: 1644     13:30     14 ЯНВАРЬ 2023    

Financial institutions in Georgia will be required to comply with the new requirements aimed at protecting consumer rights from April 1, 2023, the National Bank said in a statement.

Protection of the rights and interests of consumers of the financial sector is one of the main priorities of the National Bank. The purpose of the new rules for financial institutions is transparency of prices for combined financial products, facilitating the adoption of the most informed decisions by consumers and encouraging competition in the market.

"Financial organizations, offering consumers a combination of financial products, should ensure transparent indication of the price of a separate financial product and provide consumers with appropriate information", the report says.

In particular, a financial institution must provide the client with complete information about both the combined offer and the sale price of a separate financial product.

The new requirements apply to commercial banks and branches of foreign banks operating in Georgia, as well as microfinance organizations, non–bank deposit institutions - credit unions and credit organizations.

According to the National Bank, users will have the opportunity to compare the financial products of one or more financial organizations, which will help the user to make an informed decision.

At the same time, financial organizations are not required to indicate the price of a financial product that they offer to customers only in combination with other financial products and which do not constitute an independent financial product.

In this case, it is sufficient for a financial institution to indicate and provide information to the client that the client cannot purchase a specific financial product separately.

The National Bank notes that in the process of developing the rules, the regulator actively cooperated with World Bank experts. The project is published on the website of the National Bank in order to receive opinions, comments and recommendations from interested parties.

sputnik-georgia.ru





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