The Senate approved a bill on new requirements for advertising financial services.

The Senate approved a bill establishing new requirements for financial services advertising.

Tashkent, Uzbekistan (UzDaily.uz) —

The Senate of the Oliy Majlis of Uzbekistan approved the Law "On Amendments and Additions to the Law of the Republic of Uzbekistan 'On Advertising.'" This law introduces new requirements for financial services advertising and aims to improve insurance literacy among the population, according to the Senate of the Oliy Majlis of the Republic of Uzbekistan.

During the discussion, it was noted that in recent years, the country has been actively implementing large-scale initiatives to protect the rights and legitimate interests of consumers in the field of insurance and credit and financial relations, as well as to provide additional benefits for citizens, including businesses.

Concurrently, senators emphasized the importance of expanding educational activities through media resources to improve insurance literacy among citizens and inform consumers about the potential financial risks associated with the use of credit products and default on debt obligations.

The document envisages the inclusion of information aimed at improving insurance literacy in the category of social information. Furthermore, authorized government agencies in the relevant areas are now considered advertisers of social media.

The amendments also stipulate that advertising of financial services must include a warning that the use of such services and failure to fulfill debt obligations may lead to financial risks.

According to the senators, the adoption of this law will help strengthen public trust in insurance services and increase awareness among citizens and entrepreneurs of the financial risks associated with lending.

Following its review, the law was approved by the Senate.