ANDREY KASHEVAROV: FAS COMBINES FUNCTIONS OF STATE SUPERVISION OVER THE STATE OF COMPETITION AND STIMULATING ITS DEVELOPMENT

“We have been doing everything recently to draw the specialized ministries and the Bank of Russia into the orbit of developing competition in financial markets”

Said Deputy Head of FAS on the final day of the “Russian Banks – the XXI century” XVI International Banking Forum.

According to Deputy Head of FAS, the competition authority plans to continue developing the financial sphere in the future, “due to patrolling and controlling we cannot keep silent and save ideas that must be discussed and become a reality”.

Andrey Kashevarov informed that in line with the Order of the President of Russia and the instructions issued following the State Council, regions must “re-launch” the Competition Development Standards that they have already implemented and focus on enforcing the measures specified in the Standards.

“The Standards do not have sections on financial markets because regional authorities practically doe not have powers to regulate them. Therefore, efforts towards developing competition on financial markets will remain focuses at the federal level”, explained Deputy Head of FAS.

He also outlined the expected amendments to the antimonopoly law. According to the speaker, they will be dictated by the changes on the market, i.e., digitalization.

“FAS tends to the conclusion that adjustments are necessary. Hopefully, in a dialogue with the industry players we will work out the right approaches that will facilitate their development rather than hamper new markets”, pointed out Andrey Kashevarov.

Talking about the planned joint measures with the Bank of Russia, he reported that the Road Map for developing competition on financial markets requires drafting joint lettered by both regulators;

On the practice of recognizing as unfair competition the bank actions for attracting funds from physical persons to deposits with further deterioration of consumer qualities of the deposits in comparison with the originally announced;

On submitting information about the costs of payment services that are offered with use of payment terminals;

On professional ethics of some categories of specialists in financial organizations.