Bank of Russia issues guidelines for selling financial products remotely

The Bank of Russia has issued methodological recommendations advising financial institutions against using marketing techniques that prioritize sellers' benefits over consumers. The guidance discourages practices such as automatically ticking boxes for consumers and concealing terms of financial products and services during online sales.

These recommendations aim to regulate the relationship between financial institutions and consumers softly. They are based on discussions from a consultation paper by the Bank of Russia, with input from experts at Saint Petersburg State University and HSE University.

Financial institutions are encouraged to adopt these provisions by the fourth quarter of 2025. The Bank of Russia believes that transparent, simple, and accessible remote channels will help consumers make informed decisions regarding financial products and services. This approach is expected to reduce cancellations and complaints from consumers.

The Bank of Russia may consider incorporating certain provisions into regulations if deemed necessary in the future.