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Bank of Russia approves basic standard to protect rights and interests of registrars’ customers

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The document establishes the requirements for the scope of information to be provided to consumers and sets the rules for consumer interaction. It has been prepared by the self-regulatory organisation National Finance Association (SRO NFA).

Registrars will be obliged to inform customers about their membership with SROs, services provision and query procedures, and out-of-court dispute resolution options. Such information shall be displayed in customer service offices, online personal accounts, on registrars’ websites and mobile applications. Substantive responses to queries shall be furnished within 15 calendar days. This period can be extended by no more than 30 days.

The document obliges registrars to provide customers, upon their request, with data about the amount of fees and other additional expenses.

Information shall be clear and unambiguous, and the registrar shall ensure non-discriminatory and free access to data.

SROs control the compliance with this standard, including through test purchases.

The standard becomes effective on 1 January 2022.

The Bank of Russia has earlier approved the basic consumer rights protection standards for insurers, microfinance organisations, brokers and trust managers, FX dealers, and other non-banking segments of the financial market.

This news item was originally published by the Central Bank of the Russian Federation (CBR RU). For more information, please see the Source Link.

Regulator Information

Abbreviation: CBR
Jurisdiction: Russian Federation

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