Azerbaijan needs body for bank service clients’ rights

Business Materials 18 April 2009 16:33 (UTC +04:00)

Azerbaijan, Baku, April 18 / Trend , N. Ismayilova/

The rights of non-professional market participants must be ensured in line with European standards in Azerbaijan, Azerbaijani Central Bank Judicial Department senior consultant Alakbar Ismayilzade said in his interview with Banks and Business magazine.

"Unlike Europe, the mechanism of protection of clients' rights has not developed yet in Azerbaijan," Ismayilzade said. "Rights of non-professional participants of the market must be ensured in line with European standards in an effort to eliminate violation of local clients' rights."

He said the powers of the Central Bank must be expanded to protect clients' rights. 

"Additions must be made to the Law on National Ban, Law on Banks Advertising Law and Law on Consumer Rights for this purpose," Ismayilzade said.

He said independent bodies on bank service clients' rights must be founded to restore violated rights of clients, to consider clients' complaints related to loss and delay of documents by credit organizations, to clarify disputable situations out of court.

"Respective amendments and additions must be made to Azerbaijani legislation to found this body," he said.

Almost all European countries have adopted special laws on consumer lending. The Council of Europe has adopted a resolution to protect consumer and information policy.

General transaction rules law mechanism is attached importance while addressing consumer lending issues in Europe. It is used not only for regulating lending services by financial organizations, but also companies engaged in oil sector. Requirements to general transaction rules are determined by European directive and national laws. The European law stipulates that general transaction rules are determined by national bank associations.

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