The head of the Central Bank of Russia, Elvira Nabiullina, warned banks about the potential ban on selling certain products to individuals. Details from her remarks at the XX International Banking Forum are available on the regulator’s website. Nabiullina stressed that the Central Bank reserves the right to suspend sales of specific instruments and to require repurchase if products are marketed in bad faith.
She noted that investigations into the spring sales of insurance and investment products by banks, including the largest institutions, uncovered notable violations. Nabiullina pledged that inspections would continue this autumn and reaffirmed that the regulator may impose strict measures should repeated violations occur. This signals a tough stance against unfair conduct in consumer finance.
Discussions are also underway about a bill that would raise penalties for banks that engage in dishonest product sales. Nabiullina pointed out that in many countries fines for such practices reach into the multi‑million and multi‑billion dollar range, and the regulator intends to pursue a similar path in Russia. The message is clear: enforcement will intensify as part of broader consumer protection efforts. — Regulator
Earlier, Nabiullina expressed concerns about the gap between prices in the primary housing market and those in the secondary market. The regulator is monitoring the situation for signs of overheating in mortgage lending. While outright, blatant unfair practices in the mortgage market have diminished, there are still elements of risk in the system that require ongoing vigilance. Nabiullina stated that the Bank would continue to track mortgage quality and would implement tighter measures if required. — Regulator
In the run-up to these remarks, the Central Bank of the Russian Federation had already raised the key rate to a higher level as part of its broader macroprudential strategy. The move underscores a commitment to stabilizing financial conditions and safeguarding household borrowers in a shifting economic environment. — Regulator