Kazakhstan has approved new requirements for financial products that will oblige banks and microfinance organizations to disclose all costs, assess product suitability, and refrain from imposing additional services, according to infohub.kz.
The regulation, signed by the Agency for Regulation and Development of the Financial Market (ARDFM) on August 3, 2026, applies to banks, microfinance and insurance organizations, as well as brokers.
One of the key requirements concerns the cost of services. Financial organizations must evaluate not only fees and payments, but also clients' expenses on additional services they may rarely use. The document states: "The fair value of a financial product is determined based on qualitative and quantitative indicators (metrics) and benchmarks."
Separate rules are set for additional services. They cannot be included in contracts or applications with pre-checked boxes without the client's explicit consent. It is also prohibited to hide essential terms, costs, and risks of financial products.
For certain loans, clients will have the right to cancel the financial product or additional service within 14 calendar days after signing the contract without penalties. This applies to unsecured loans and related voluntary insurance.
Advertising of financial products will also face stricter scrutiny. It must not create a false impression about costs, returns, or risks, and advantages cannot be highlighted at the expense of risk information. The requirements emphasize: "Advertising materials must not contain information that could mislead consumers of financial services regarding the characteristics, cost, profitability, or risks of the financial product."
Financial organizations must determine the target customer category for each product, considering their financial situation and risks. If a product does not match a person's goals, capabilities, or financial standing, it cannot be offered or provided.
The new rules also require regular monitoring of financial products. If elevated risks or violations are detected, organizations may change terms, remove additional services, improve client information, or restrict or discontinue the product.
The requirements apply to loans, microcredits, time deposits, certain insurance products, and brokerage services. Financial organizations must notify the authorized body within 10 business days after approving the product's passport.
The regulation will take effect 60 calendar days after its first official publication. For existing financial products, a six-month period is set for unscheduled monitoring after the requirements come into force.