Sunday, 23, September, 2018

The Central Bank has created a service which will "protect the rights of consumers of banking services" instead of the Department handling compalints from individuals and legal entities, the Central Bank said in a statement.

The main objectives of the service will be to protect the rights and interests of consumers of banking services, increase accessibility of finances and the level of financial literacy of the individuals and legal entities.

The Service will consider complaints related to violations of consumer rights by banks, microcredit organizations and pawnshops, help to eliminate such violations and restore the consumers' rights.

It is planned to create a people's reception room, where consumers can get consultations and explanations of legal norms related to banking services.

A system of unimpeded access will be created for consumers in banks, where the primary reception will be rendered by an administrator who will provide information and consultation.

Credit institutions will provide clients with information on the "full cost of a loan", which allows to calculate the real cost of a loan before entering into a loan agreement.

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