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Central Bank changes the model of supervision of non-credit financial organizations, to evaluate their activities, the regulator will be based on customer complaints

The Central Bank will share financial institutions which include insurance companies, professional securities market participants, microfinance organizations, credit cooperatives, at-risk depending on customer complaints. Implement a new model of supervision, the Central Bank expects in 2017.

“Currently there is a formation of the new model of supervision on the financial market, which can be called the supervision over observance of rules of conduct of financial companies in respect of customers, the so-called behavioural supervision in the sphere of protection of the rights of consumers of financial services”, — said on Wednesday, November 16, head of service for protection of financial services consumers and minority shareholders of the Bank of Russia Mikhail Mamuta at the XV national conference on microfinance and financial inclusion.

He explained that in the framework of the model is created “so-called signal system behavioural surveillance,” in which all financial companies will be divided into three, maybe four risk groups from the point of view of interaction with consumers. While customer complaints are a major factor in classifying the company in a particular risk group. However, also take into consideration other factors such as the size of the company, its impact on the market as a whole, the regional dimension, grocery.

Mamut noted that we are talking about all financial companies. “We are now at the stage of designing this system. Discussion with the market at different sectors, we will not start it, yet not understand how it works,” he said. The implementation of the new supervision framework is scheduled for 2017.

The Central Bank receives hundreds of thousands of requests a year for financial institutions — banks, insurance companies, microfinance organizations, credit cooperatives, pawn shops, professional securities market participants. “To be precise, this year we expect about 300 thousand applications,” said Mamut.

Financial non-credit organizations in the first nine months of this year, the Central Bank received 73 thousand. Mostly consumers are dissatisfied with the quality of services of insurance companies, in particular for maintenance insurance.

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