At its meeting on 18 June, the government approved amendments to the law on the protection of consumers’ rights in financial services, strengthening the normative provisions on the liability of institutions of the banking and non-banking financial sector of the economy towards consumers. Penalties were introduced for the most common violations on the financial services market.
In addition, the legislation was adjusted in order to assign additional functions to the powers of the supervisory authority, which relate both to the participants of the financial services market and the capital market.
The Code of Offenses was supplemented with the following provisions:
(a) The scope of offenses that may be established against payment service providers and/or e-money issuers has been expanded;
b) sanctions are established for failure to provide information and evidence, as well as for non-execution of NCFM decisions;
c) offenses in the insurance sector regulated by NCFM are established.
