OLGA SERGEEVA: WE SEE ROOM FOR COLLABORATION BETWEEN FAS AND BANK OF RUSSIA IN REGIONS

Inter-departmental collaboration should include exchanging not only documents and information but also specialized competences

Head of FAS Department for Control over Financial Markets raised the issue at a Conference organized by the Bank of Russia on 25 June.

She informed that “FAS receives rather diverse complaints, including statements about large-sum frauds, misleading consumers, and reports on violations of the advertising law. WE forward a lot of them to the colleagues in the Bank of Russia, the Ministry of Interior and Rospotrebnadzor [the Federal Service for Surveillance over Consumer Well-Being]”.

“The scope of activities of the Federal Antimonopoly Service on financial markets is control over observing the Law “On Protection of Competition”. It applies to legal market players who, however, use unfair practices in their operations”, explained Olga Sergeeva.

When FAS receives complaints about organizations that have the necessary licenses for financial operations but mislead consumers in the course of their operations, under particular circumstances FAS consider such actions as unfair competition and applies antimonopoly remedies.

Regarding interdepartmental collaboration with the Bank of Russia, in 2018 a Working Group was formed to develop competition on the market of financial services. It s members represent both Chambers of the Federal Assembly of the Russian Federation, the Ministry of Finances, the Ministry for Economic Development, FAS and the Bank of Russia.

Among other matters, one of its spheres is elaborating possible measures to counter dissemination of information on financial pyramids and other person offering financial services without licensing.  

Head of FAS PR Department Irina Kashunina also took part in the Round Table at the Conference on “Interdepartmental collaboration: the results of 2018, the objectives for 2019”.

She emphasized: “We try to be a maximum open body for both people and mass media. If FAS exposes elements of an antimonopoly violation on financial markets and opens a case, information about it is always published on FAS official web-site. We also place news items about FAS decisions on violating the advertising law”.

Irina Kashunina highlighted that FAS is ready for more intensive inter-agency cooperation to efficiently inform, the public about non-competitive and illegal practices on financial markets.

According to Head of FAS PR Department, in order to adequate and clearly reflect FAS efforts, every year the antimonopoly authority organizes workshops for mass media where its specialists explain the specifics and nuances of their work.  

She reminded that “FAS regional Offices are also always ready for cooperation and they often interact with colleagues from other bodies to highlight unlawful operations on financial markets”.