INTERNATIONAL FINANCIAL CONGRESS
29 June 2021
Product Governance: reducing risks for consumers through higher transparency and effectiveness of financial products
Bank of Russia is looking into the possibility of introducing product governance, following the example of many foreign regulators.
This approach reduces risks for consumers upon introduction of new products or services. In this case, regulation covers the whole product cycle from its development and testing to its sale and subsequent customer service.
Session participants will discuss the following issues: Would it be reasonable to apply this approach in Russia? Will it help mitigate the risks that are most relevant for the Russian consumers? Would it be possible for the regulator, financial organisations and their self-regulatory organisations to collaborate on product governance?
Product Governance: reducing risks for consumers