The NBU will improve regulation and supervision of the insurance and financial market
The National Bank of Ukraine offers for discussion a project of amendments to regulatory legal acts, developed with the aim of improving regulation and supervision of activities on the market of non-banking financial services.
The project, in particular, provides for requirements to ensure physical and informational accessibility of the premises of financial service providers for persons with disabilities and other low-mobility groups of the population, taking into account the rules of inclusive provision of financial services determined by the National Bank.
According to the Project, financial service providers will determine in each region the presence of at least 50 percent of inclusive separate units and will inform about their location, contact numbers and working hours on the main page of their own website and its mobile version, in software applications (mobile applications, payment applications), payment devices, etc.
As a reminder, the National Bank obliged banks to ensure the physical and informational accessibility of at least 50% of the total number of their separate units in the region by January 1, 2025, in order to contribute to the creation of an unprecedentedly inclusive financial space for every citizen of Ukraine, in particular war veterans, persons with disabilities and older people.
Approved in July 2024, Methodological recommendations on the rules for the inclusive provision of financial services in institutions of Ukraine for banks and non-bank financial and payment institutions provide for zero tolerance for any forms of consumer discrimination, ensuring the physical accessibility of premises and the organization of a fully functional remote service system.
In addition to expanding the requirements for inclusivity, the Project provides for a number of changes regarding the regulation of the non-banking financial services market, in particular:
- expansion of the list of cases when the approval of the National Bank is not required for the appointment of a person to the position of the head of the collegial executive body of the insurer;
- the possibility of the object of on-site supervision submitting a substantiated request regarding the extension of the deadline for submission of documents established in the NBU requirement;
- expansion of the list of signs of an impeccable business reputation in relation to key persons, managers, owners of significant participation of an institution that carries out unlicensed activities in the market of non-banking financial services and the payment market.
In accordance with the Law of Ukraine “On the National Bank of Ukraine”, the provisions of the Project regarding amendments to the Resolution of the Board of the National Bank of Ukraine dated March 6, 2022 No. 39 are not subject to discussion.