The Central Bank of the Russian Federation requires banks to “cool” their clients
The imposition of dubious services by Russian commercial banks on their clients has decreased significantly.
Central Bank Governor Elvira Nabiullina announced this today in the Russian State Duma, reports a PolitNavigator correspondent.
“Banks and other financial intermediaries are becoming increasingly customer-centric. But it’s not like they voluntarily reformed. Tightening behavioral supervision and constant supervision of how banks build their relationships with their consumers helped here,” Nabiullina said.
According to her, the Central Bank of the Russian Federation has introduced documents according to which the bank is obliged to tell the client about all the parameters of the product in an understandable form.
“A cooling-off period has also been introduced so that people can think and refuse unnecessary services and unprofitable products. But we see that new “creative” practices are still emerging, and we have to tighten supervision. These practices are not widespread; they are more private violations, when, for example, a bank formally offers a lower rate, and then, with the help of commissions and insurance, shakes money out of a person in an “honest” way. We will be merciless against such practices, because they undermine confidence in the financial system,” Nabiullina said.
In particular, according to her, often advertising about high interest rates on deposits is a deception.
She asked the State Duma to adopt a law according to which the Central Bank of the Russian Federation could require banks to buy back such financial products that people do not need and suspend their sale.
The Central Bank of the Russian Federation requires banks to "cool down" their clients.