Finance

Finance

Financial service consumer protection plan presented in Azerbaijan

17 December 2009 16:41 (UTC +04:00)

Baku. Elnur Huseynguluyev - APA-ECONOMICS. With the support of the World Bank and the SECO, the Central Bank of Azerbaijan (CBA) has hosted a presentation of a WB-developed action plan for protection of consumers of financial services.

The event was attended by CBA First Deputy Chairman Alim Guliyev, the WB Country Manager for Azerbaijan Gregory Jedrzejczak, State Insurance Supervision Unit chief Namig Khalilov, AMFA CEO Jala Hajiyev and representatives of other international organizations.

Alim Guliyev said the purpose of the draft is to develop standards for assessing the protection of consumers of financial services, harmonize existing regulations with the new rules and make recommendations for improving the protection of consumers.

Gregory Jedrzejczak spoke of the impact of financial crisis on the global economy, the problems encountered by financial services consumer etc.

Namig Khalilov said the recent improvements in the legislative framework allows protecting the rights of consumers of financial services.

"Protection of the rights of consumers will lead to the sustainable development of the insurance market. Therefore, the government will increase control over this field," he added.