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Under the Law of the Republic of Kazakhstan “On State Regulation, Control and Supervision of the Financial Market and Financial Organisations”, one of the Agency’s key tasks is to ensure a high level of protection of the rights and interests of consumers of financial services, ensure transparency and accessibility of information about financial institutions and the services they provide, and promote financial literacy and financial inclusion among the population.
Within this area, the Agency performs the following functions:
• consideration of complaints and appeals from consumers of financial services and application of supervisory measures and sanctions based on the results of such reviews (reactive supervision);
• identification of market practices and processes that may harm the interests of consumers of financial services and implementation of systemic and legislative measures to eliminate such risks (preventive supervision).
The Agency also implements a set of preventive behavioural supervision measures, including cooperation with professional associations such as the Association of Financiers of Kazakhstan, the Association of Microfinance Organisations of Kazakhstan, the Kazakhstan FinTech Association and other professional communities.
An effective consumer protection system is based on a combination of enforcement measures and preventive supervision aimed at reducing consumer risks. Consumers are provided with financial education, information support and advisory assistance.
Measures to improve financial literacy and public awareness are aimed at promoting responsible financial decision-making and addressing issues related to irrational consumer behaviour in financial services markets.
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