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The regulator tests work with whistleblowers about violations in banks




MOSCOW, 19 Jan – PRIME. The Bank of Russia is currently testing a mechanism for obtaining information about violations of the rights of consumers of financial services from employees of financial institutions, the press service of the regulator told RIA Novosti. “The Bank of Russia has analyzed the foreign experience of a number of foreign regulators in the field of protecting the rights of consumers of financial services … These regulators receive information about violations of the rights of citizens from persons who, due to their official duties or otherwise, have information about actual or potential violations of the rights of consumers of financial services by financial institutions At present, the Bank of Russia is also testing a similar mechanism to improve the effectiveness of countering unfair practices in the financial market, “the Central Bank said. Earlier, a service was posted on the regulator’s website that allows current and former employees of financial organizations to report a possible violation of consumer rights by the employer. This opportunity exists both for banks, MFIs and insurance companies, and for organizations involved in the securities market and collective investments. According to the Bank of Russia, there are many caring employees of financial organizations who are not ready to put up with violations of consumer rights committed by their employers. This anonymous service is just designed for informants, “driven not by material incentives, but by concern for people.” Appeals from citizens and employees can become an important source of information for the regulator about the activities of financial institutions in the provision of retail services and about incorrect sales practices and the imposition of additional products. “The final decision on the use of this service will be made after analyzing the interaction practice and the content received,” the Central Bank concluded.

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