Selling financial products via remote channels: Bank of Russia's recommendations
The Bank of Russia's methodological recommendations discourage all financial institutions from using marketing techniques inducing consumers to make decisions that would primarily benefit sellers.
The regulator advises market participants against ticking any boxes automatically for consumers and concealing the terms of financial products and extra services when selling them online.
The methodological recommendations regarding the sale of financial products and extra services via remote channels are a form of soft regulation of the relations between financial institutions and consumers. The document is based on the discussion of the Bank of Russia's consultation paper as well as the opinions of the experts from the Saint Petersburg State University and HSE University.
Financial institutions are encouraged to implement the document's provisions no later than 2025 Q4. The Bank of Russia believes that transparent, simple and accessible remote channels will allow consumers to make informed choices of financial products and services. As a result, consumers will less often cancel their purchases or make complaints against market participants. The Bank of Russia will consider incorporating certain provisions in the regulation, if necessary.
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