The Central Bank proposed three options at the meeting: entry of banks into self-regulating organizations of insurance (ARUI) and stock (NASMP) markets and adherence to their standards, adoption of their own sales standards by banking associations (ARB and the “Russia” association), as well as adoption of standards at the legislative level, told the Tass source. The situation with the stock market is simpler, for example, many banks, which have a brokerage or dealer license, are already the members of NASMP. Life insurance at the expense of the ILI has become the largest segment of the insurance market; banks are the main seller of life insurance (88% of premiums). The Central Bank worries that bank sellers do not tell customers about all the risks of these products, offering them as an alternative to deposits, and this forms the customers’ wrong expectations. The ILI has a number of significant differences from deposits: the amount of investments is not insured in the deposit insurance agency, the yield is not guaranteed, it is possible to withdraw money ahead of schedule under the ILI but with a loss of a part of the amount. In the opinion of the Executive Vice-President of the ARB, Elman Mekhtiyev, banks do not need to join the insurance market SRO, pay membership fees and take on all the obligations of the SRO member for the sake of selling of one product (ILI). “And adoption of the same standards by banking associations will be effective, if the Central Bank will publish complaints from customers about non-compliance by banks with the standards of financial products selling,” he said. A representative of the Central Bank confirmed that the meeting with banks and SRO was held. “The Bank of Russia held a meeting with representatives of banking associations and SRO of the financial market, at which approaches of strengthening of investors' rights protection when banks offered financial services were discussed. Various options are currently being reviewed. Working group creating is planned to work out all the aspects,” he said.
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