Belarus’ govt and NBB to set up Center for Protection of Rights of Consumers of Financial Services – bill

<p> MINSK, May 13 - PrimePress. Belarus plans to establish a center for protection of the rights of consumers of financial services. This is provided for by the bill on amending legislative acts on the protection of consumer rights put up for discussion on the Legal Forum of Belarus from May 13 to May 23, 2020. </p> <p>   </p> <p> The center will be set up by the Council of Ministers and the National Bank of Belarus in the form of a fund. It will be managed by a board (council) formed of three representatives of financial market associations, three representatives of government agencies and one representative of public consumer associations. </p> <p>   </p> <p> The center will consider complaints filed by consumers of financial services defined by a joint regulatory act of the government and the National Bank, and take measures to increase the financial literacy of the population. </p> <p>   </p> <p> The center will operate on the basis of the principles of legality, independence, justice and gratuitousness, being guided by the principle of competitiveness and equality of the parties, presuming that the consumer does not have special knowledge. </p> <p>   </p> <p> The center will be financed from mandatory contributions by providers of financial services and other sources not prohibited by law or, in case of a deficit, from extra contributions by financial services providers. </p> <p>   </p> <p> The center will examine complaints of consumers of financial services within 30 days </p> <p>   </p> <p> The bill determines the procedure for examining complaints filed by consumers of financial services. The consumer may address the center once a year from the day when the consumer found out or should find out about the violation of his or her rights. State bodies and other organizations are to supply documents and/or information requested by the center, including information that constitutes a commercial, banking or other secret protected by law, and the financial services executor must also state a reasoned position on the complaint. The documents are to be submitted within five business days from the receipt of the request. The center will take measures to reconcile the parties through an agreement on the settlement of the dispute. </p> <p>   </p> <p> According to the bill, the center is to make a decision on the complaint within 15 business days from the date of notification by the financial services provider of the position on the complaint, but no later than 30 days from the date the complaint was received by the Center. The decision shall enter into force 10 business days if the consumer of financial services unconditionally and in writing within the time frame specified agrees with this decision, and becomes binding for the financial services provider. </p> <p>   </p> <p> The National Bank and the Ministry of Finance will be given additional powers </p> <p>   </p> <p> The bill provides for the approval of the powers of the National Bank and the Ministry of Finance in the field of protecting the rights of consumers of financial services. </p> <p>   </p> <p> In particular, the National Bank and the Ministry of Finance may be entitled to address financial service providers, requesting the abolition or amending local acts that contradict legislation on the protection of consumer rights. They will also be able to check (including remotely, using information and communication technologies) the compliance with the requirements to the contractor. The National Bank and the Ministry of Finance may order to stop the violation of the rights of consumers of financial services, prevent future violations of the kind and/or eliminate the conditions conducive to committing violations, and ban the provision of financial services. </p> <p>   </p> <p> Officials of the National Bank and the Ministry of Finance will have the right to visit the financial services providers without hindrance. </p> <p>   </p> <p> State bodies and other organizations, and individual entrepreneurs will be required to provide information necessary to exercise the powers stipulated by the bill at the request of the National Bank and the Ministry of Finance. </p> <p>   </p> <p> The government and the National Bank will form an Interdepartmental Council for the Protection of Consumer Rights to coordinate activities of state bodies and other state organizations in the field of consumer rights protection. Organizational and informational support will be provided by the Ministry of Antimonopoly Regulation and Trade. </p> <p>   </p> <p> Associations will be entitled to examine consumer appeals </p> <p>   </p> <p> Associations of financial market participants will have the right to develop and implement good practice codes to ensure that members of associations have voluntary commitments to adhere to good practices. They will also be able to examine complaints filed by consumers of financial services regarding violations of the codes committed by members of the associations, good practices, and apply measures of influence to members of associations for their violation. End </p>

2020-05-14

Primepress