Expert Contribution at the Central Bank of Russia

At the invitation of the Bank of Russia, leading research fellow at the Institute, Kiril Molodyko, spoke at a meeting of the Bank of Russia's Expert Council on the Protection of the Rights of Consumers of Financial Services and Minority Shareholders on the theme of "Directions for Legislative Improvement on the Protection of the Rights of Consumers of Financial Services". Opening his report, Mr. Molodyko analysed in detail the new and relevant judicial practice of the Supreme Court of the Russian Federation on insurance and consumer lending issues. In the second part of the report, Kyril put forward a number of proposals for establishing a more equitable and balanced interplay between the rights and obligations of organisations that provide services in financial markets, and their consumers. These proposals covered such areas of financial services as: insurance, consumer lending, payment services (both in terms of using cards and without their use), storage of valuables in deposit vaults, conversion and money-changing operations. Particularly it was stipulated that some necessary improvements would indeed require adjustments to federal laws, but much can be done even in the conditions of existing laws at the sublegislative level by action of the Bank of Russia.