- Central Bank of the Republic of Azerbaijan holds mobile reception in Imishli city
The Central Bank of the Republic of Azerbaijan regularly holds various events, focusing on consumer and investor right protection. One of the Central Banks related targets is to protect the rights of financial service consumers by raising their financial literacy. In this regard, the Central Bank organizes events both to accept complaints from financial service consumers living in various regions of our country who have disputes with supervised entities and educate citizens in the field of financial services. For this purpose, on 19 December 2023, a mobile citizen reception was held at the Heydar Aliyev Center located in the city of Imishli.
During the mobile reception, verbal complaints of financial service consumers were heard, questions regarding the financial services sector were answered, citizens suggestions were recorded in the context of improving the quality of services provided, and relevant information was provided to raise financial literacy.
- Central Bank organizes meeting with the participation of representatives of supervised entities, including credit institutions, insurers, and investment companies
The Central Bank of the Republic of Azerbaijan every now and then holds meetings with the entities under its supervision within the scope of its authority and conducts discussions with them to enhance the quality of services provided to financial services consumers and investors. A series of such meetings was also carried out in December 2023.
In particular, on 18 December 2023, the Central Bank organized a meeting with representatives of supervised entities, including credit institutions (banks and non-bank credit organizations), insurers, and investment companies. Representatives of the Azerbaijan Banks Association, the Mediation Council, the Azerbaijan Microfinance Association, and the Azerbaijan Insurers Association also participated in the meeting.
During the meeting, discussions were held with representatives of supervised entities and mediation organizations regarding the results of the year. Suggestions on further optimization and improvement of service areas were heard, and the next steps to be taken were discussed.
Participants of the meeting voiced proposals for improving services provided to financial services consumers, and their questions were answered by the Central Bank.
- Complaint Index on bank customers use of banking services announced
One of the important tasks of the Central Bank of the Republic of Azerbaijan is to protect the rights of financial services consumers and investors. In this regard, to increase transparency, it has been decided that the complaint index on bank customers use of banking services will be published monthly on the official website of the Central Bank.
- Measuring citizen satisfaction with written appeals
The Central Bank of the Republic of Azerbaijan continually focuses on protecting the rights of financial service consumers and improving consumer satisfaction. As one of the next steps, a survey has been introduced to measure citizen satisfaction with written appeals answered by the Central Bank and evaluate the performance of the relevant structural unit. This survey is accessible through a link included in the response letters, allowing the applicants who receive the response to answer the relevant questions and participate in the evaluation.
Previously, in the ‘Reception Room’ of the Central Banks administrative building at 27 Bulbul Avenue, QR codes and survey forms were provided for citizens to scan and participate in satisfaction measurement.
In addition, efforts are under way to implement an evaluation process for calls received via the Central Banks ‘966’ Hotline.
- Meeting held with joint-stock companies operating in Astara
On October 4, a meeting was held between the employees of the Central Bank of the Republic of Azerbaijan and joint-stock companies operating in the Astara district.
During the meeting, Central Bank representatives provided practical recommendations on improving corporate governance in joint-stock companies, preparing issuers’ annual reports in accordance with legal requirements, convening general meetings of shareholders, and ensuring that the companies activities comply with legislation.
This meeting, held with the support of the Astara District Executive Authority, was organized in consideration of the importance of protecting shareholders rights and the need to provide a detailed explanation of the legislative requirements for the management bodies of joint-stock companies.
The Central Bank plans to conduct various events aimed at protecting the rights of shareholders.
- Meeting held to educate joint-stock companies operating in Lankaran city
Considering the importance of protecting shareholders rights and the benefits of providing a detailed explanation of legislative requirements for management bodies of joint-stock companies, employees of the Central Bank of the Republic of Azerbaijan’s Consumer Finance Protection Division held a meeting with joint-stock companies operating in Lankaran city on 29 September 2023, with the support of the Lankaran city Executive Authority.
During the meeting, participants were provided with educational guidance on improving corporate governance in joint-stock companies, preparing issuers’ annual reports in accordance with legal requirements, convening general meetings of shareholders, and ensuring that companies activities comply with legislation.
Various activities aimed at protecting shareholders rights continue to be carried out by the Central Bank.
- Meeting held between Central Bank and Mediation Council
The Consumer Relations Department of the Central Bank of the Republic of Azerbaijan works to protect the rights of financial services consumers and investors, while also continuously organizing activities to improve financial literacy among consumers. As part of these efforts and to expand their scope, a meeting was held on 24 August 2023, in cooperation with the Mediation Council, which regulates mediation as an alternative dispute resolution mechanism.
During the meeting, electronic resources developed by the Central Bank to raise financial literacy for various target groups (www.infobank.az, www.edu.e-cbar.az, www.bizimpullar.az) were presented. Discussions were held on organizing training sessions for mediators to raise financial literacy, providing access to the relevant electronic resources via the Mediation Council’s official website, and preparing educational resources within the framework of joint cooperation to inform financial services consumers about mediation activities.
As a result of the meeting, mutual events and activities are planned to be carried out.
- Mobile reception of citizens held in Sheki organized by Central Bank and ‘Regional Development’ Public Union
As part of its ongoing efforts to protect the rights of financial services consumers and investors, the Central Bank of the Republic of Azerbaijan, in cooperation with the ‘Regional Development’ Public Union, organized a mobile reception of citizens in Sheki city on 31 August 2023. During the reception, citizens inquiries were heard. The inquiries primarily concerned issues such as loan debt restructuring, deletion of information from the Centralized Credit Registry, matters covered by the Decree of the President of the Republic of Azerbaijan dated February 28, 2019, on Additional Measures to Resolve Problem Loans of Individuals in the Republic of Azerbaijan, loan requests, release of a guarantor from repayment obligations, and debt recording without acceptance. Explanations were provided to citizens regarding the issues raised in their inquiries. For matters requiring further investigation, citizens were given the opportunity to submit written applications, ensuring their right to formal appeals. Some inquiries related to banking activities were resolved on the spot. Additionally, necessary information was obtained from citizens submitting verbal requests, and they were informed that they would receive follow-up information on the results of the review.
Educational booklets were also distributed to citizens during the reception. Previously, mobile receptions had been held in Lankaran and Barda cities. Mobile receptions will continue to be organized to protect the rights of financial services consumers.
- ‘966-0’ Hotline established by National Depository Center
The National Depository Center is the central depository of the Republic of Azerbaijan, established by the Central Bank. Since the Central Bank of the Republic of Azerbaijan is responsible for protecting the rights of investors and other participants in the capital market, as well as carrying out other activities related to capital market legislation within its authority, it maintains close cooperation with the National Depository Center.
As a result of the cooperation between the Central Bank and the National Depository Center, a number of initiatives are being implemented. With the support of the Central Bank and as part of these ongoing initiatives, the ‘966-0’ hotline has been established by the National Depository Center to expand opportunities for investors and other capital market participants to contact the Center.
- Meeting held to educate joint-stock companies operating in Jalilabad
Considering the importance of protecting shareholders rights, as well as the benefits of providing more detailed explanations of the legal requirements for the governing bodies of shareholder companies, a representative from the Consumer Finance Protection Division of the Central Bank of the Republic of Azerbaijan held a meeting with joint-stock companies operating in Jalilabad district on 11 August 2023, with the support of the Jalilabad District Executive Authority.
During the meeting, our team conducted educational activities aimed at improving corporate governance in joint-stock companies, preparing issuers’ annual reports in accordance with the requirements of legislation, convening shareholders general meetings, and ensuring that companies operate in compliance with legal regulations.
Various initiatives aimed at protecting shareholders rights continue to be implemented by our team.
- Information on the ‘966’ Hotline placed
Providing opportunities for financial service consumers and investors to obtain information about questions and problems they encounter, as well as submit inquiries and complaints to the Central Bank, remains a constant priority for the Bank. To this end, information boards about the ‘966’ hotline have been installed in the administrative buildings of banks, non-bank credit institutions, and insurance companies.
As a next step, the Central Bank contacted the Azerbaijan Stock Market Consumers Association to ensure that information about the ‘966’ hotline is placed in prominent locations in administrative buildings of investment companies, as well as in agreements concluded between investment companies and citizens. The placement of this information has been successfully implemented.
- Monthly bulletin to be issued
The Central Bank of the Republic of Azerbaijan focuses on protecting the rights of financial service consumers and investors, as well as raising financial literacy. The Central Bank regularly takes measures to resolve problems citizens encounter when using financial services and enhance financial literacy.
Now, the Bank issues a monthly electronic bulletin, providing reports on the work carried out in protecting the rights of financial service consumers and investors, as well as in promoting financial literacy, and on the events held in these areas. The first bulletin covering these activities was published in July of the current year.
- Mobile citizen reception held in Barda organized by Central Bank of the Republic of Azerbaijan and ‘Regional Development’ Public Union
As part of the ongoing measures by the Central Bank of the Republic of Azerbaijan to protect the rights of financial service consumers and investors, a mobile reception of citizens was organized in Barda on 31 July 2023, with the support of the ‘Regional Development’ Public Union. During the reception, citizens inquiries were heard. The requests mainly concerned loan debt restructuring, removal of information from the Centralized Credit Registry, issues covered by the Decree of the President of the Republic of Azerbaijan dated February 28, 2019, on Additional Measures for the Resolution of Problem Loans of Individuals in the Republic of Azerbaijan, loan applications, release of guarantors from loan repayment, and debt collection without acceptance.
Citizens were provided with explanations regarding their inquiries, and for matters requiring further investigation, they were given an opportunity to submit written appeals. Some requests related to banking operations were resolved on the spot. Additionally, information necessary for follow-up on verbal requests was collected, and citizens were informed that additional details would be provided on the results of the investigation.
Informational booklets were distributed to citizens during the reception. The organization of field receptions continues as part of efforts to protect the rights of financial services consumers.
- SMS notifications to be sent to citizens on the status of applications in hard copy
The Central Bank of the Republic of Azerbaijan, taking into account its ongoing focus on protecting the rights of financial service consumers and investors, as well as expanding their ability to submit applications, has taken the next step. From now on, if a citizen’s mobile number is provided in applications submitted on paper, an SMS notification will be sent to the applicant regarding the registration and response status of his application.
Previously, such notifications were sent only to citizens who submitted applications electronically, either to their email addresses or mobile phone numbers.
- Scientific conference on ‘Successful Ways to Resolve Insurance Disputes’ held
The Central Bank of the Republic of Azerbaijan continues to implement ongoing measures and new projects to protect the rights of financial service consumers and investors. As part of these efforts, the Central Bank, together with the Azerbaijan Insurers Association, the Center for Social Studies, and the Mediation Council, organized a scientific conference titled ‘Successful Ways to Resolve Insurance Disputes.’
The conference was attended by the management of the Central Bank and the Mediation Council, deputies of the Milli Majlis, mediators, experts, and media representatives. During the meeting, the current situation, and prospects for protecting the rights of financial service consumers and investors were discussed. The importance of mediation as an alternative method for resolving financial disputes was also emphasized. The conference also provided information on a model reconciliation agreement proposed by the Mediation Council for resolving insurance disputes through mediation.
- Updates made to official website of the Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan, keeping citizen satisfaction at the forefront, has introduced a number of updates to its official website for the use of investors and issuers. Specifically, a new subsection titled ‘Capital Market’ has been added under the ‘Rights of Consumers and Investors’ section. This subsection provides essential information on shareholders rights and obligations, as well as the submission of issuers’ annual and semi-annual reports. Additionally, the Regulations on requirements for issuer management reports and the information that issuers are required to submit have been placed in the newly created subsection. By accessing this section, issuers can familiarize themselves with the relevant legislative acts and review information related to management reports. The update aims to ensure shareholders and joint-stock companies have convenient access to the necessary information.
- Scientific conference on ‘Successful Resolution of Banking Disputes’ held
A scientific conference on ‘Successful Resolution of Banking Disputes’ was jointly organized by the Central Bank of the Republic of Azerbaijan, the Azerbaijan Banks Association, the Social Research Center, and the Mediation Council. The conference was attended by the management of the Central Bank and the Mediation Council, members of the Milli Majlis, mediators, experts, and media representatives. During the meeting, detailed information was provided on the work carried out to protect the rights of financial services consumers and investors. The significance of mediation as an alternative method for resolving financial disputes was also discussed. Additionally, the Mediation Council presented a sample conciliation agreement to the conference participants.
- Mobile citizen reception held in Lankaran organized by the Central Bank and ‘Regional Development’ Public Union
The Central Bank of the Republic of Azerbaijan (hereinafter – the Central Bank) consistently pays attention to protecting the rights of financial service consumers and investors. To this end, regular events are organized, and cooperation with relevant institutions is maintained. The Central Bank carries out on-site, online, and mobile receptions related to the protection of consumers and investors rights. As part of these efforts, a mobile reception of citizens was held in Lankaran city on 24 June 2023, jointly organized by the Central Bank and the ‘Regional Development’ Public Union. During the reception, citizens’ inquiries were heard, and appropriate explanations were provided. Informational booklets were also distributed to the attendees. The mobile reception of citizens will continue to be conducted regularly.
- Meetings held to educate joint-stock companies operating in Balakan, Zaqatala, Oghuz districts, and Sheki city
Considering the importance of protecting shareholders rights and the benefits of explaining in detail the requirements of legislation for the management bodies of joint-stock companies, an employee from the Consumer Finance Protection Division of the Central Bank of the Republic of Azerbaijan organized meetings with joint-stock companies operating in Balakan, Zaqatala, Oghuz districts, and Sheki city. These meetings took place on June 16–17, 2023, with the support of the respective district and city executive authorities.
During the meetings, the Central Bank provided educational guidance on improving corporate governance in joint-stock companies, preparing annual reports by issuers in accordance with legislative requirements, convening general meetings of shareholders, and ensuring that the activities of companies comply with legal regulations. Various events aimed at protecting shareholders rights continue to be held by the Central Bank.
- Webinar on understanding disability, universal design, and corporate social responsibility
The Central Bank of the Republic of Azerbaijan has been implementing relevant measures to ensure that no discrimination occurs when providing financial services to persons with disabilities. One of these measures, following the Bank’s recommendation, was the creation of a Working Group on the Formation and Improvement of Special Approaches Toward Persons with Disabilities by the Association of Banks of Azerbaijan. Projects are under way to provide qualitative financial services to persons with disabilities.
Within this framework, on June 7, 2023, a webinar titled ‘Understanding Disability, Universal Design, and Corporate Social Responsibility’ was held by the Union of Organizations for the Disabled, with participation from the Central Bank, the Association of Banks of Azerbaijan, the Association of Insurers of Azerbaijan, and the Azerbaijan Capital Market Participants Association. During the webinar, the importance of protecting the rights of persons with disabilities when using financial services was highlighted, as well as enhancing accessibility for these individuals when acquiring financial services. The event also emphasized the necessity of preventing any discrimination against persons with disabilities in the provision of financial services.
- Regarding calls from regional landline networks to the Central Bank’s Hotline
The Central Bank of the Republic of Azerbaijan consistently prioritizes the protection of financial services consumers rights. To enhance the efficiency of responding to incoming inquiries and to expand consumers ability to reach the Bank, an agreement with ‘Aztelekom’ LLC has been signed regarding calls from regional landline networks (excluding the Nakhchivan Autonomous Republic) to the ‘966’ Hotline. As a result, subscribers will no longer be charged for calls made from Aztelekom’s landline networks to the Central Banks Hotline via the short number ‘966.’
- Meetings on raising awareness of joint-stock companies in Bilasuvar, Beylagan, and Agjabadi
Considering the importance of protecting shareholders rights and the benefits of more thoroughly explaining the legal requirements imposed on the management bodies of joint-stock companies, an employee from the Central Bank’s Consumer Finance Protection Division held meetings with joint-stock companies in Bilasuvar, Beylagan, and Agjabadi on 25 May 2023, with the support of the respective District Executive Authorities.
During these meetings, participants were provided with guidance on improving corporate governance, preparing annual reports in accordance with legal requirements, convening general meetings of shareholders, and ensuring that the companies operate in compliance with legislation.
The Central Bank will continue to hold various events aimed at protecting shareholders rights.
- Information on the meeting with the ‘Regional development’ Public Union
The Central Bank of the Republic of Azerbaijan consistently prioritizes the protection of financial service consumers and investors rights. To this end, regular measures are undertaken, including citizen reception, both in-person and via mobile outreach. In this context, a meeting was held with the ‘Regional Development’ Public Union to discuss the organization of citizen receptions in regions and other related topics. During the meeting, joint activities were discussed for conducting mobile receptions as one of the citizen reception methods.
- Meeting held between Central Bank of the Republic of Azerbaijan and Azerbaijan Stock Market Participants Association (AFBIA)
One of the key areas of activity of the Central Bank of the Republic of Azerbaijan is the protection of the rights of financial services consumers and investors, as well as the restoration of their violated rights. In this regard, the Central Bank regularly undertakes various measures. As part of these efforts, a meeting was organized to expand mutual cooperation and strengthen joint activities with the A meeting was held between the Central Bank of the Republic of Azerbaijan and the Azerbaijan Stock Market Participants Association (AFBIA). During the meeting, participants discussed the protection of investor rights, the restoration of violated rights in line with legal requirements, and the enhancement of investors’ access to complaint and appeal mechanisms. The significance of the Central Bank’s Methodological Guidelines on handling consumer complaints in financial institutions was also emphasized. The discussion further highlighted the importance of mediation as an alternative dispute resolution mechanism. Participants exchanged views on improving processes for reviewing, investigating, and resolving complaints, as well as on developing mediation practices within the financial sector.
- Meetings held to raise awareness among joint-stock companies operating in Barda, Yevlakh and Mingachevir
Taking into account the importance of protecting shareholders’ rights and the benefits of providing more detailed explanations of legislative requirements to the management bodies of joint-stock companies, the Central Bank of the Republic of Azerbaijan organized a series of meetings with joint-stock companies operating in Barda District and the cities of Yevlakh and Mingachevir on 22 May 2023. The meetings were conducted by a representative of the Central Bank’s Consumer Finance Protection Division, with the support of the Executive Authorities of Barda District, and Yevlakh and Mingachevir cities
During the meetings, participants were provided with information and guidance on improving corporate governance practices within joint-stock companies, preparing issuers’ annual reports in accordance with legal requirements, convening general meetings of shareholders, and ensuring that company activities are carried out in compliance with applicable legislation.
The Central Bank continues to organize various initiatives aimed at strengthening the protection of shareholders’ rights.
- Meeting held between Central Bank and the National Depository Center
On 15 May 2023, a meeting was held between the Central Bank of the Republic of Azerbaijan and the National Depository Center to discuss potential cooperation aimed at improving corporate governance in joint-stock companies and ensuring that their activities are conducted in accordance with legislative requirements.
During the meeting, the importance of organizing relevant initiatives with joint-stock companies was emphasized. The participants discussed the protection of investor rights and the exchange of information between the Central Bank and joint-stock companies regarding the submission of annual reports as required by law. Both sides also exchanged views on implementing joint measures to strengthen cooperation in these areas.
- Meetings held to raise awareness among joint-stock companies operating in Shamakhi, Agsu, and Ismayilli
Recognizing the importance of protecting shareholders’ rights and the benefits of providing more detailed explanations of legislative requirements to the management bodies of joint-stock companies, the Central Bank of the Republic of Azerbaijan organized a series of meetings on 12 May 2023, with joint-stock companies operating in the districts of Shamakhi, Agsu, and Ismayilli. The meetings were conducted by a representative of the Central Bank’s Consumer Finance Protection Division, with the support of the Executive Authorities of Shamakhi, Agsu, and Ismayilli districts
During the sessions, participants received information and guidance on improving corporate governance practices within joint-stock companies, preparing issuers’ annual reports in compliance with legal requirements, convening general meetings of shareholders, and ensuring that company operations are carried out in accordance with applicable legislation.
The Central Bank continues to hold various events and initiatives aimed at enhancing the protection of shareholders’ rights.
- Meeting between Central Bank and Mediation Council
During the meeting, the Central Bank emphasized its continuous focus on protecting the rights of financial services consumers and highlighted the importance of mediation as an alternative dispute resolution mechanism.
The discussions centered on establishing effective cooperation between the Mediation Council and the Central Bank. The participants also exchanged views on strengthening the role of mediation in resolving disputes within the insurance sector. Additionally, the parties discussed the organization of a joint scientific-practical conference on this topic with the participation of market stakeholders in the near future.
- Meeting held as part of public monitoring on protection of rights of persons with disabilities
On 4 May 2023, a meeting was held at the DOST Agency under the Ministry of Labor and Social Protection of Population of the Republic of Azerbaijan, with the participation of the Central Bank of the Republic of Azerbaijan and the Azerbaijan Banks Association, within the framework of public monitoring on the protection of the rights of persons with disabilities.
During the meeting, participants discussed the work carried out in the field of public monitoring on the protection of the rights of persons with disabilities. The Central Bank provided information on the measures taken to ensure accessibility for persons with disabilities in the use of financial services, prevent discrimination, and incorporate these principles both into the internal regulations and practical operations of credit institutions. At the conclusion of the meeting, participants exchanged views on further steps in this area and agreed to continue cooperation.
- Meetings held to raise awareness among joint-stock companies operating in Kurdamir and Ujar
Recognizing the importance of protecting shareholders’ rights and the benefits of providing more detailed explanations of legislative requirements to the management bodies of joint-stock companies, the Central Bank of the Republic of Azerbaijan organized a series of meetings on 3 May 2023, with joint-stock companies operating in the districts of Kurdamir and Ujar. The meetings were conducted by a representative of the Central Bank’s Consumer Finance Protection Division, with the support of the Executive Authorities of Kurdamir and Ujar districts
During the meetings, participants received information and guidance on improving corporate governance practices within joint-stock companies, preparing issuers’ annual reports in accordance with legal requirements, convening general meetings of shareholders, and ensuring that company activities are carried out in compliance with applicable legislation.
The Central Bank continues to organize various initiatives aimed at strengthening the protection of shareholders’ rights.
- Meetings held to raise awareness among joint-stock companies operating in Sabirabad and Imishli
Taking into account the importance of protecting shareholders’ rights and the benefits of providing more detailed explanations of legislative requirements to the management bodies of joint-stock companies, the Central Bank of the Republic of Azerbaijan organized a series of meetings on 28 April 2023, with joint-stock companies operating in the districts of Sabirabad and Imishli. The meetings were conducted by a representative of the Central Bank’s Consumer Finance Protection Division, with the support of the Executive Authorities of Sabirabad and Imishli districts.
During the meetings, participants were provided with information and guidance on improving corporate governance within joint-stock companies, preparing issuers’ annual reports in accordance with legislative requirements, convening general meetings of shareholders, and ensuring that company operations are carried out in compliance with applicable laws.
The Central Bank continues to organize various initiatives aimed at enhancing the protection of shareholders’ rights.
- ‘2244’ Hotline now serving residents of the Nakhchivan Autonomous Republic through the Nakhchivan Offi ce of the Central Bank of the Republic of Azerbaijan
To enhance the efficiency of responding to inquiries from residents of the Nakhchivan Autonomous Republic regarding the activities of the Central Bank of the Republic of Azerbaijan’s supervised entities (banks, insurance companies, and non-bank credit institutions), and to expand consumer access to communication channels, the ‘2244’ hotline is now operating through the Central Bank’s Nakhchivan Office. Measures have been taken to raise awareness of the ‘2244’ hotline, ensuring that residents of the Nakhchivan AR can promptly contact the Central Bank to address questions or obtain information related to financial services.
In this regard, informational notices about the ‘2244’ hotline have been placed in visible locations within the administrative premises (branches and offices) of banks, insurers, and non-bank credit institutions operating in the Nakhchivan AR. Additionally, details about the hotline have been included in agreements concluded between consumers and supervised entities.
- Meeting held to raise awareness among joint-stock companies operating in Goychay
Recognizing the importance of protecting shareholders’ rights and the benefits of providing more detailed explanations of legislative requirements to the management bodies of joint-stock companies, the Central Bank of the Republic of Azerbaijan organized a meeting on 20 April 2023, with joint-stock companies operating in the district of Goychay. The meeting was conducted by a representative of the Central Bank’s Consumer Finance Division, with the support of the Executive Authority of Goychay District.
During the meetings, participants were provided with information and guidance on improving corporate governance practices within joint-stock companies, preparing issuers’ annual reports in accordance with legal requirements, convening general meetings of shareholders, and ensuring that company operations are conducted in compliance with applicable legislation.
The Central Bank continues to organize various initiatives aimed at enhancing the protection of shareholders’ rights.
- Information on signing of memorandum between the Mediation Council and the Azerbaijan Banks Association (ABA) and the Azerbaijan Micro-finance Association (AMFA) with the support of the Central Bank
The Central Bank of the Republic of Azerbaijan (the Central Bank) continuously prioritizes the protection of consumer rights. In this regard, necessary measures are regularly taken to resolve disputes between consumers of financial services and the entities supervised by the Central Bank. One of the alternative dispute resolution methods in regulating the relationship between supervised entities and consumers is the organization of a mediation process. Thus, on 15 March 2022, by the decision of the Management Board of the Central Bank, the Methodological Guidelines on handling consumer complaints in financial institutions were approved. The Guidelines specifically emphasize the importance of the mediation process for dispute resolution.
To regulate disputes between supervised entities and consumers through mediation and carry out related awareness-raising activities, a memorandum was signed between the Mediation Council and the Azerbaijan Banks Association (ABA) as well as the Azerbaijan Micro-finance Association (AMFA), with the support of the Central Bank.
- Meetings held to raise awareness among joint-stock companies operating in Khachmaz and Gusar
Considering the importance of protecting shareholders’ rights, as well as the benefits of providing a more detailed explanation of the requirements of legislation in this area to management bodies of joint-stock companies, meetings were held on 14 April 2023, with joint-stock companies operating in the mentioned districts. The meetings were organized by the staff of the Consumer Finance Protection Division of the Central Bank of the Republic of Azerbaijan, with the support of the Executive Authorities of the Khachmaz and Gusar districts.
During the meetings, our team conducted awareness-raising activities on improving corporate governance in joint-stock companies, preparing issuers’ annual reports in accordance with the procedures established by law, convening general meetings of shareholders, and ensuring that the activities of the companies are carried out in compliance with legislation. Various events organized by our team to protect shareholders’ rights continue to be carried out.
- Meetings held to raise awareness among joint-stock companies operating in Saatly, Salyan and Shirvan
Considering the importance of protecting shareholders’ rights, as well as the benefits of providing a more detailed explanation of the requirements of legislation in this area to the management bodies of joint-stock companies, meetings were held on April 7, 2023, with joint-stock companies operating in the aforementioned districts and city. These meetings were organized by the staff of the Consumer Finance Protection Division of the Central Bank of the Republic of Azerbaijan, with the support of the Executive Authorities of Saatly and Salyan districts and the city of Shirvan.
During the meetings, our team conducted awareness-raising activities on improving corporate governance in joint-stock companies, preparing issuers’ annual reports in accordance with the procedures established by law, convening general meetings of shareholders, and ensuring that the activities of the companies are carried out in compliance with legislation.
Various events organized by our team to protect shareholders’ rights continue to be carried out.
- ‘Expert Group on Consumer Finance Protection’ established under the ABA holds its first meeting
Upon the recommendation of the Central Bank of the Republic of Azerbaijan, the Expert Group on Consumer Finance Protection was established under the Azerbaijan Banks Association (ABA) to operate on a permanent basis, which held its first meeting on 30 March 2023. The aim of establishing the Group is to strengthen cooperation among the Central Bank, ABA, the Banking Ombudsman, and the Mediation Council in this field; discuss proposals on handling, analyzing, and resolving consumer complaints; study international best practices; and promote the implementation of unified approaches.
At the meeting, also attended by representatives of the Central Bank, participants discussed the Group’s planned activities, set objectives, and exchanged views on its areas of focus. The importance of creating favorable conditions for consumers to easily submit complaints, ensuring customer satisfaction, addressing complaints effectively, and resolving disputes through non-judicial mechanisms—specifically via the Banking Ombudsman and mediation—was emphasized. The necessity of taking appropriate measures in this regard within banks was also highlighted. Members of the Financial Disputes Committee, composed of representatives from the Central Bank, ABA, and the Mediation Council, also participated in the meeting and provided information on the importance of mediation as one of the alternative dispute resolution methods.
At the end of the event, representatives of the Central Bank and ABA responded to questions from bank representatives and mediators.
25 banks and 5 non-bank financial institutions are now members of the ABA.
- On establishment of Consumer Finance Protection Working Group within Azerbaijan Banks Association based on Central Bank’s recommendation
Citizens’ appeals are constantly kept in focus by the Central Bank, and efforts to enhance the protection of financial services consumers’ rights continue to be carried out in this regard. As part of these efforts, and based on the recommendation of the Central Bank, a Consumer Finance Protection Working Group has been established within the Azerbaijan Banks Association (ABA). The creation of this Working Group aims to facilitate joint discussions in the field of consumer rights protection, enhance efficiency, ensure the restoration of violated rights, and strengthen the prompt and effective resolution of disputes.
- Meeting held between representatives of Central Bank and ABA with Union of Disabled People’s Organizations
As the country’s financial regulatory authority, the Central Bank pays particular attention to ensuring that no discrimination occurs in the provision of banking services to persons with disabilities. To improve services provided to financial services consumers in this category and prevent discrimination, the Central Bank regularly holds meetings and conducts monitoring activities.
In this context, and to discuss related current efforts, a meeting was held on 14 February 2023, with the participation of representatives from the Central Bank, the ABA, and the Union of Disabled People’s Organizations of the Republic of Azerbaijan (UDPO).
During the meeting, the UDPO presented proposals on conducting training and awareness-raising activities to promote understanding of disability issues, as well as on developing projects aimed at ensuring accessibility for persons with disabilities by equipping credit institutions with the necessary tools and infrastructure.
- Central Bank holds meeting with the State Service for Antimonopoly and Consumer Market Control under the Ministry of Economy
During the meeting, extensive discussions were held on enhancing cooperation between the two institutions to ensure more effective protection of consumer rights. In addition, views were exchanged on promoting investor awareness in the field of capital markets.
- On measures taken to prevent discrimination in providing banking services to socially vulnerable population groups
As is known, the Central Bank of the Republic of Azerbaijan (the Central Bank) continues to implement relevant measures to prevent discrimination against persons with disabilities in the provision of banking services. One such measure, based on the recommendation of the Central Bank, was the establishment by the Azerbaijan Banks Association (the Association) of a Working Group on the Development and Improvement of a Special Approach toward Persons with Disabilities. It should be noted that all banks are represented in this Working Group.
The main objective of the Working Group is to improve the quality of banking services provided to consumers with disabilities and ensure that no discrimination occurs under any circumstances. Regular meetings are held with the participation of the Central Bank, the Association, and the Working Group to discuss the implementation of necessary measures aimed at preventing discrimination against persons with disabilities and enhancing the quality of services provided to them.
As the nation’s financial regulatory authority, the Central Bank consistently prioritizes ensuring the unhindered access of persons with disabilities—representing a socially vulnerable population group—to financial services.
- Organization of citizen receptions in regions
To provide financial service consumers (consumers) residing in the regions—who may have disputes with supervised entities—an opportunity to submit their inquiries without having to visit the Central Bank’s HQ in Baku, and enhance consumer satisfaction, the Central Bank has ensured that consumer receptions are also held at its reserve centers located in the cities of Sumgayit and Yevlakh. Consumers may address their inquiries by visiting the relevant Central Bank regional offices at the following addresses – Sumgayit Reserve Center: 1 J. Jabbarli Street, 40th block, Sumgayit city and Yevlakh Reserve Center: 82 H. Aliyev Avenue, Yevlakh city.
A barcode is included in the new insurance certificate to enable citizens to contact the Central Bank in case of rights violations.
By Decision No. 60/4 of the Management Board of the Central Bank of the Republic of Azerbaijan dated 28 December 2022, the Requirements for the Form and Content of the Compulsory Insurance Certificate for Civil Liability of Motor Vehicle Owners were approved. The content of the compulsory insurance certificate for civil liability of motor vehicle owners now includes a barcode that directs the insured or the policyholder to the Central Bank’s website, allowing them to submit an online complaint if they believe their rights under the certificate have been violated.