Turnava announced another supervisory project - Market Conduct Supervi...
In her speech, Turnava highlighted the NBG's ongoing efforts to
enhance consumer protection standards and foster a competitive
financial environment. She emphasized that the effective
implementation of legislative innovations and regulations requires
continuous consultation and close cooperation with financial sector
representatives. Accordingly, regulatory changes in consumer
protection are regularly introduced in response to sectoral challenges
and evolving consumer needs.“In 2024, like in previous years, the
National Bank of Georgia actively worked to further improve the
customer-focused environment in the financial sector, and a number of
important activities/changes were implemented in this regard,
including amendments made to the regulation on protecting consumer
rights. Additional regulatory requirements extended to payment service
providers, including detailed procedures for consumer complaints and
mandatory reporting to the NBG, effective April 15, 2024.“We have
also reinforced market conduct supervision, incorporating risk-based
oversight to foster a regulatory environment that prioritizes consumer
protection and ensures sector-wide compliance. To this end, we have
developed a draft Market Conduct Supervision Strategy, which we will
soon present to the public and hope to see adopted this year,” noted
the NBG Governor.Turnava also underscored the importance of raising
public awareness and sharing key updates through events like Consumer
Protection Week."In recent years, the number of customers reaching out
to the National Bank of Georgia has steadily increased, further
demonstrating the positive impact of our efforts to enhance consumer
awareness. In late 2023, the National Bank of Georgia established a
Dispute Resolution Commission, which addresses disputes related to
payment services, offering consumers a fast, effective, and free
resolution mechanism. In 2024, the Commission reviewed approximately
90 disputes between consumers and payment service providers, including
banks. Remarkably, 85% of these cases were resolved in favor of
consumers, with a total of 300,000 GEL paid to consumers by the
service providers," - said Natia Turnava.A major focus of Consumer
Protection Week is enhancing accessibility for consumers with
disabilities. Six regulatory agencies presented specially developed
materials aimed at empowering individuals with disabilities and
ensuring equal access to consumer rights information."One of today's
key topics is ensuring that persons with disabilities have access to
information about their rights. To support this, the National Bank of
Georgia has developed a concise booklet that provides essential
information to help users better understand their rights and
responsibilities. It is worth noting that the financial sector is
actively working to create and enhance an inclusive environment for
persons with disabilities. The National Bank of Georgia fully supports
this process and remains committed to further refining and advancing
these efforts in the future," - said Natia Turnava.The opening event
was also attended by Ekaterine Galdava, Vice Governor of the NBG. The
Third International Consumer Protection Week will take place from
March 10-15 in Tbilisi, Akhalkalaki, Zugdidi, and Batumi.Participants
include representatives of regulatory agencies, members of parliament,
central and regional government officials, international
organizations, the Georgian Union of the Deaf, the Union of the Blind,
and representatives from the business, academic, and non-governmental
sectors. The week’s objective is to strengthen consumer rights
protection mechanisms in Georgia.
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