The Central Bank is developing a standard for banks to video record transactions with complex financial products 07:41

The Central Bank of Russia (CB) is developing proposals to legislate the obligation of banks to make audio and video recording of transactions related to the sale of complex financial products. This was reported by TASS Referring to a letter from the Central Bank in response to a request from State Duma deputy Evgeniy Marchenko.

In November, the deputy sent a letter to the head of the Central Bank of the Russian Federation, Elvira Nabiullina, with a request to require banks to organize audio and video recordings of communications between employees of the institution and customers when selling complex financial products. According to him, this is necessary so that banks can submit such records to the Central Bank in case of imposition of the wrong product for which the customer applied, or to law enforcement authorities in case of fraud.

In a response letter to the National Bank, they accepted Marchenko’s proposal to develop a corresponding norm. The regulator’s message states that the consolidation of legislation will make it possible to submit records to the Central Bank of Russia upon request. It is also stated that the current legislation does not oblige credit institutions to audio and video record “the interaction process between employees and consumers when signing contracts.”

Marchenko at the end of November offered It prohibits Russian banks from selling complex financial products to customers who do not have higher economic education. The deputy noted that banks often offer Russians without higher economic education to purchase an unprofitable insurance product with an investment component. At the same time, credit institutions promise customers a high profit and return of the entire investment amount in case of early termination of the contract.

December 28, Deputy Governor of the Central Bank of the Russian Federation Alexey Zabotkin didn’t ignore it base rate cut next year. However, in his opinion, the Bank of Russia will have to keep interest rates at a high level for a long time, according to the current assessment.

Formerly Bank of Russia stated It’s about the growth of international reserves.

What are you thinking?

Source: Gazeta


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