Translation. Region: Russian Federation –
Source: Central Bank of Russia
An important disclaimer is at the bottom of this article.
Depending on the scale and nature of a financial institution's operations, its board of directors is recommended to conduct separate monitoring of consumer rights compliance. For this purpose, experts in customer experience, development, and implementation of financial products and services may be invited to join the board.
Furthermore, financial market participants may establish a special consumer rights committee within the board of directors. This committee will address the implementation of professional ethics rules when working with clients and the application of consumer rights enforcement mechanisms. It will also be able to propose improvements to the employee incentive system, taking into account their level of customer-centricity.
The requirements for the committee chairman are similar to the requirements for an independent director established inCorporate Governance Code.
Information letter The Bank of Russia's policy is addressed to financial market participants who work with a large number of individual clients.
Preview photo: Azrin Aziri / Shutterstock / Fotodom
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.