BRSA evaluated the opinions of the Association of Financial Institutions (FKB) for the development of the savings finance sector and paved the way for the growth of the sector with the regulation it published. With the regulation granting additional rights to savers, contract limits for housing and vehicles were increased.
FKB Chairman of the Board of Directors, Ali Emre Balli, said, “The recent increase in real estate and vehicle prices necessitated the need to increase the contract limits of ₺1 million. With the regulation, contract limits were increased according to TURKSTAT’s December 2023 PPI rate of 44.22%, increasing to ₺7 million 211 thousand for housing and ₺2 million 884 thousand for vehicles.”
REMOTE CONTRACTING
According to the news of Oktay Ozdabakoglu from Sabah, Balli underlined that the regulation paved the way for savings finance customers to make contracts remotely and said, “It has been stipulated that the payment must be made within one month at the latest after the savings finance customer becomes entitled to the allocation. Customers are given the right to change their financing subject, which consists of a residence, a roofed workplace or a vehicle, only once, until the end of the savings period of the savings financing contract. In addition, with the regulation defining risk groups for the first time in the savings finance sector, the procedures and principles regarding the financing that companies can provide to risk groups and their members in order to prevent risk concentration have been determined.” Eyup Akbal, Chairman of the Financial Institutions Union Savings Finance Companies Sector Board, noted that the legislative change will be an important turning point in the sustainable growth of the sector.
CUSTOMER SATISFACTION WILL INCREASE
Stating that the increase in the contract limit amount will give the sector a sigh of relief and ensure a better response to the demands of customers and citizens, Akbal said, “The allocation processes of savings finance companies have been standardized by making them independent of the companies’ initiative. In this context, customers stipulated in the contract and entitled to allocation were obliged to make allocations to customers within 1 month from the date of acquisition. An important step has been taken for the understandability of the system and customer satisfaction.”
Source: Patronlardunyasi / Prepared by Irem Yildiz
