Uzbekistan to establish financial ombudsman institution

A draft law “On the financial market and financial services” will be developed in Uzbekistan. This is stated in the “program of the draft legislations for 2019” and submitted to the Legislative Chamber of Oliy Majlis of the Republic of Uzbekistan.

It was noted that the draft law stipulates:

- clear tariffs for financial markets, financial institutions and financial services;

- principles of financial services;

- restrictions on combining the rights and obligations of organizations providing financial services, including types of services;

- procedure for controlling over the protection of rights and legitimate interests of consumers of financial services;

- establishment of the financial ombudsman institution.

Adoption of the law will ensure the further development of the financial services market, increasing the responsibility of financial services providers, as well as protection of the rights and legitimate interests of users of financial services.

Responsible executors for development of the draft law – Ministry of Finance, Ministry of Economy, Central Bank, State Committee for Competition. Deadline for submitting to the Cabinet of Ministers – November 2019 and approximate duration of inclusion in the Legislative Chamber – December 2019.