Road Map for developing competition on the market of financial services is approved

On 10 May 2017 FAS, in coordination with the Bank of Russia approved the Action Plan (“Road Map”) “Developing competition on the financial services market”

The document is a short-term plan for developing competition on the market of financial services, and then if necessary it will be added upon coordinating the positions on the need for particular events.

The events put on the road map are designed to create regulatory conditions for developing competition on the market of financial services, excluding adverse impact of actions by the authorities on the state of competition, reducing possibility of an impact of certain market participants upon the general conditions of services on this market and preventing particular forms of unfair conduct of financial organizations.

Some events are included in the Road Map upon proposals filed by professional associations of financial organizations based on a survey conducted by FAS in 2016.

Commenting the approval of the Action Plan (“Road Map”) “Developing competition on the financial services market”, Deputy Head of FAS Andrey Kashevarov pointed out: “Developing and approving the Road Map is a significant step forward since it is the first document of its kind outlining a package of competition developing events on the market of financial services. Until now similar events on financial markets were not included in the Road Maps. The work on the areas included in the Road Map and further content will be the priorities”.