National Bank to introduce new requirements for financial organisations in consumer rights move

New transparency requirements will come into play for financial organisations operating in Georgia starting April 1 in a bid to better protect the rights of consumers, the National Bank announced on Friday.

The regulations will enable consumers to compare financial products of financial organisations and help them make informed decisions.

Ensuring transparency of prices of financial products sold in combination, and encouraging competition in the market are two of the principal motivations behind the change, the NBG said.

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The new requirements will apply to commercial banks, branches of foreign banks operating in the country, as well as microfinance organisations and other depository institutions, such as credit unions and lending entities.

The National Bank cooperated with World Bank experts in its work on the new requirements, the institution added.