FAS MONITORS IMPLEMENTATION BY FINANCIAL ORGANIZATIONS OF JOINT RECOMMENDATIONS WITH THE BANK OF RUSSIA
It was told by Andrey Kashevarov, Deputy Head of FAS Russia, at the Financial Congress of the Bank of Russia
FAS Russia actively cooperates with the Bank of Russia to curb unfair practices of financial organizations. At the moment a joint letter is being prepared on the procedure for the implementation of insurance services, which will provide borrowers with a free choice of insurers and insurance products. Subsequently, it will help to eliminate anti-competitive practices of creditors.
Besides, FAS Russia together with the Bank of Russia is preparing a review of unfair practices in the financial market, which will summarize the application of antimonopoly legislation and increase the level of protection of consumers of financial services.
The authority also monitors the execution of joint letters of recommendation with the Bank of Russia. Cases of incomplete disclosure of the terms of financial products on the official information resources of financial organizations are under close attention. When detecting signs of violation, the authority applies antimonopoly response measures.