LEGAL STATUS AND DEVELOPMENT PROSPECTS OF THE INSTITUTE OF BANKING OMBUDSMAN IN KAZAKHSTAN

This article analyzes the legal status and development prospects of the Banking Ombudsman institution in the Republic of Kazakhstan. It examines the regulatory framework governing the Ombudsman’s activities, including the Constitution, the Law “On Banks and Banking Activities,” the Civil Code, and regulatory acts of the Agency for Regulation and Development of the Financial Market. The author identifies the key functions of the Ombudsman: reviewing borrowers’ complaints, mediating between clients and banks, providing financial consultations, participating in legislative reform, and monitoring systemic issues in the credit market. Special attention is given to the new powers introduced in 2024, such as the expansion of jurisdiction, stricter enforcement requirements for decisions, and extension of the Ombudsman’s term of office. The article emphasizes the Ombudsman’s contribution to reducing the burden on courts, enhancing financial literacy, and building public trust in the banking sector. Based on statistical data, the growing impact of the institution on Kazakhstan’s financial system is highlighted. The author argues for the further strengthening of the Ombudsman’s authority to improve the protection of borrowers’ rights and ensure the stability of the financial sector. The article underscores the relevance of the Banking Ombudsman as a legal mechanism in the evolving landscape of credit relations.