Communique On The Procedures and Principles For Charges Applied To Financial Consumers
The Official Gazette No. 31061 published on 07.03.2020 “Regulation On Procedures and Principals Regarding Charges Applied to Financial Customers” has been abolished and was replaced with “Communique On The Procedures and Principles For Charges Applied To Financial Consumers” on the same issue. You may reach the original text of the Communique here. The new Communique has several notable differences from the abolished Regulation, these include;
- Previously the authorized institution was the Banking Regulatory and Supervisory Agency (“BRSA”), with the Communique this authority has now been issued to The Central Bank of Turkey instead.
- While most provisions were transferred to the new Communique without much change, Article 13 of the Regulation titled “Deposits And Participation Fund Operations” has been amended. Under the new communique, the “Account Management Fee” charged by banks to the financial consumers will no longer be possible.
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