Translation. Region: Russian Federation –
Source: Central Bank of Russia
An important disclaimer is at the bottom of this article.
The Bank of Russia has identified cases where financial institutions do not fully disclose information about products and services to clients, guarantee investment returns, or use graphic techniques on their websites to make information about associated costs less visible.
Often, when comparing an investment product to a bank deposit, the organization highlights its advantages without disclosing the risks. Some market participants, in an attempt to boost customer confidence, use the phrase "approved by the Bank of Russia," which is inaccurate.
The regulator detects such violations both on organizations' websites and through verbal notifications to consumers. The Bank of Russia sent a notice to market participants information letter with a description of unfair practices that should be eliminated from the customer journey. Furthermore, financial institutions are recommended to provide consumers with complete, understandable, and reliable information about financial products and services in a timely manner.
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Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.