The Central Bank of Azerbaijan (CBA) continues to improve the regulatory framework to enhance ethical conduct standards in financial institutions, strengthen consumer protection, and improve the handling of consumer complaints. In this context, by Decision No. 30/2 of the Board dated July 7, 2026, amendments were approved to the 'Corporate Governance Standards for Banks', 'Corporate Governance Standards for Insurers', 'Corporate Governance Standards for Investment Companies', and 'Rules for the Organization and Operation of Payment Organizations and Electronic Money Organizations'.
The regulator disseminated this information.
According to the amendments, financial institutions are required to establish an independent function for handling customer complaints. This function may be performed by a separate structural unit or a responsible person, depending on the scale of the financial institution's operations. The purpose of this change is to protect customer rights, investigate complaints in accordance with legislation, objectively and promptly, maintain records and analysis of complaints, and improve internal processes based on customer feedback. Financial institutions must ensure the necessary resources, access to information, and regular training for staff to effectively operate this function.
'In addition, the amendments expand the scope of ethical conduct rules in financial institutions and strengthen control mechanisms. Thus, ethical conduct rules should cover standards of behavior for management and staff, prevention of reputational risks, management of conflicts of interest, transparency, honesty, fair treatment of customers, and other important principles.
The amendments will contribute to raising the level of consumer protection, ethical conduct principles in financial institutions, customer-oriented approaches, and public trust in the financial sector.
The amendments will come into force on September 1, 2026,' the information states.
The approved amendments can be viewed at the following link: https://e-qanun.az/framework/62330