The Central Bank recommends that banks deprive employees of bonuses for misleading customers

The Bank of Russia recommends that financial organizations deny bonuses to employees who mislead customers when providing services. The corresponding information letter appeared on Monday, April 13, on the Central Bank’s website.

“The Bank of Russia recommends that financial organizations prepare and approve internal standards for offering and selling financial instruments and services (including Agency networks), including in terms of information disclosure, and monitor their compliance,” the statement said.

The Central Bank notes that all employees of the company should comply with these standards. According to the regulator, it is particularly necessary to motivate those managers who are engaged in advertising and offering financial products and services.

“Often, before purchasing a financial instrument or service, the consumer is misled about their characteristics, as well as the risks associated with such an acquisition, which can not only lead consumers to losses, but also reduce their confidence in the financial market as a whole,” the Bank of Russia said.

In particular, the regulator recommends focusing the attention of the management of financial institutions not so much on the growth of sales volumes, but on quality. In turn, if you violate the accepted standards, you can deprem employees.

In February, the Central Bank reported that in 2019 it received 3,8 thousand complaints related to the problem of misseling — unfair practices of selling services without properly informing customers.