It is considered reasonable to implement unified standards for communication with consumers and apply various forms of soft regulation, including the Bank of Russia’s methodological recommendations and information letters, in the area of online sales of financial services. This opinion was shared by a large number of participants during the discussion of the Bank of Russia’s consultation paper.
As technologies progress, remote service channels are also developing rapidly. According to market participants, the approach to their regulation should be flexible and responsive. In particular, the regulator might set unified requirements for information about financial products and services offered online and for the publication of such information. Several participants in the discussion believe that frequently higher transparency, simplicity, and accessibility of data help address consumer protection issues.
Others consider that tight regulation might constrain sector development, make the customer journey more challenging, while consumers might get an impression that all decisions have already been made for them. The Bank of Russia emphasized that market participants could assess consumers’ risks on their own, taking into account the regulator’s view presented in the report and take efforts to reduce such risks. That said, the Bank of Russia will continue elaborating unified approaches to and requirements for configuring online sales channels. According to the regulator, this will enhance the quality of financial services and promote competition among financial market participants.