A modern central bank has launched a new regulation that regulates the marketing activities of financial market participants, including telephone marketing, ensuring the protection of clients' rights and the security of their data.
**Basic requirements for financial organizations** By law, all banks and other financial companies are required to provide clients with detailed information about the right to refuse services, as well as to register in the "Do Not Call" registry. This allows customers to exclude their numbers from the base for mass calls. Organizations are also required to provide actual access to the database of reserved numbers in order to verify contacts with clients, as desired.
**Work schedule and organization** Marketing calls are only made during strictly defined periods: - on working days from 9:00 to 18:00; - on weekends from 12:00 to 17:00. It is also possible to make calls to government holidays or for the client at any time, if he so requests. Violation of these rights may be subject to administrative measures, including fines.
**Protection of personal data and compliance** Financial institutions are required to implement appropriate personal information protection systems and ensure that marketing services comply with professional ethical standards. Mandatory training for employees includes training on data security, banking secrecy, and compliance with anti-money laundering laws.
**Consent withdrawal procedures** Marketing materials must be provided in electronic form, SMS, or other available means. In case of misuse of the consent, the client is entitled to revoke it. Moreover, all resolutions must be fixed and stored for a legally established period.
**Personal data storage and destruction** Consent withdrawal takes effect immediately upon request. Banks, companies, and insurance organizations that are subject to the "Do Not Call" registry may be held liable or lose their license.
Note that the new regulation will be fully implemented in force from the beginning of 2024. The document is currently in the approval stage with financial institutions.
