State Duma deputy Evgeny Marchenko called for banks to be prohibited from selling complex financial products to clients without higher economic education, TASS reports on November 25.
According to the publication, he sent a letter with such a request to the head of the Bank of Russia, Elvira Nabiullina. In his letter, he noted that banks often offer their clients, with promises of high interest rates, the purchase of unprofitable insurance products with an investment component, which, in his opinion, undermines confidence throughout the Bank System.
“And my proposal is to prohibit the sale of complex financial products to clients without higher economic or financial education.”Marchenko wrote in his address.
In addition, the deputy proposed including among the functions of banks the making of audio and video recordings of communications between managers and clients in the sale of said products. In his opinion, these video recordings will help the Central Bank and the police to investigate citizens’ complaints about fraud or the imposition of products that are not those that customers requested from the financial institution.
Source: Rossa Primavera
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