Kazakhstan: Plans Announced to Establish Unified Financial Ombudsman Service

Madina Abylkasymova, Chair of the Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan, announced plans to create a single financial ombudsman institution that will handle citizen complaints across all financial services — from banks to microfinance organizations and insurance companies, Orda.kz reports.

The proposal is included in the draft law “On Banks and Banking Activities,” which the Majilis reviewed in its first reading.

The bill provides for the consolidation of existing ombudsman structures into a unified body.

Over the past year, we established a microfinance ombudsman's office, created a budget, and it's already operational. Since the beginning of the year, the microfinance ombudsman has reviewed over 5,000 applications, and the banking ombudsman has reviewed around 10,000,
noted Abylkasymova.

We propose merging all institutions into a single financial ombudsman service. It will retain its separate departments — banking, microfinance, and insurance — but it will have a common office and a unified review process,
 she said.

According to Abylkasymova, the merger will make the resolution of problem debts faster and more effective, while also improving accessibility and clarity for consumers of financial services.

Original Author: Ilya Astakhov