From April 1, 2025, banks serving as agents for non-governmental pension funds and insurance companies will need to prepare new key information documents (KIDs) related to the long-term savings programme (LSP) and unit-linked life insurance (ULLI). This is mandated by a Bank of Russia Ordinance.
The ordinance requires banks to inform customers about the conditions and risks associated with these financial products when signing agreements. Additionally, agents must ensure that customers have read the KID, even if it was provided electronically.