On March 4, 2017, the Turkish Banking Regulatory and Supervisory Authority (the “BRSA”) made major changes to the Regulation on Banks’ Outsourced Services, enhancing the scope of the outsourced services.
- The collection, counting, distribution and delivery of cash can only be provided by private security companies, whereas the collection, counting, distribution and delivery of securities (e.g., checks, bills or notes) can now also be provided by private security companies and service providers authorized by the Information and Communication Technologies Authority.
- Banks can now outsource marketing activities for the products and services falling under the following categories: (i) retail lending and (ii) purchase financing of real estate and vehicles.
- Service providers offering marketing, information gathering and documentation services or services in relation to the execution and transmission of agreements are no longer required to be joint stock companies or limited liability companies (i.e., collective companies can now provide these services).
The recent changes to banks’ outsourced services aim to increase the efficiency of banks. The BRSA has increased the scope of outsourced services related to marketing activities, thus enabling banks to concentrate on core operations and procure comprehensive support for the marketing of certain key products and services, such as mortgages and car loans. The BRSA also enhanced the scope of service providers eligible to provide certain outsourced services