MOSCOW, December 2. The Bank of Russia published its first strategic document on the development of the financial market for the period 2016-2018.
The priority objectives of the new strategy identified increasing the level and quality of life of citizens of the Russian Federation, the growth and development of the real sector of the Russian economy and creation of conditions for growth of the financial industry.
© ITAR-TASS/Mikhail Metzel
The Bank of Russia sees risk of escalation of sanctions against Russia
The strategic document provides for the operation of the regulator on such key areas as the protection of rights of consumers of financial services, ensuring financial inclusion and improving financial literacy of the population.
Among the measures planned by the Bank of Russia, – the inclusion of a course in financial literacy mandatory in school curricula, the establishment of the Institute of financial Ombudsman, which will settle financial disputes with participation of citizens and financial organizations, as well as the creation of specialized financial products and services for different population groups and explanation of how to use these products.
To strengthen the responsibility
In addition, the Central Bank intends to inform citizens about the activities of unscrupulous financial intermediaries and of financial pyramids and to establish additional requirements to advertising.
The Bank of Russia also proposes to use a special system of measures of responsibility for owners, managers and employees of financial institutions that allows you to adjust the unscrupulous activities of this organization, without bringing the situation to an extreme measure – revocation of the license.
With the introduction of modern corporate governance system the Bank of Russia intends to increase investment attractiveness of equity financing for public companies.
In this regard, it is envisaged to strengthen the role and responsibility of the Board of Directors in strategic management, including responsibility for the inaction, and to increase the responsibility of members of the management bodies of joint stock companies, including the disciplinary and financial responsibility. Of course, this implies increased requirements to the business reputation and qualifications, education and experience of members of the management bodies and officials of such societies.
According to the strategy of the Bank of Russia, development of the bond market will help to solve the issue of shortage of market collateral in the financial system and create attractive conditions for the transition of borrowers from among the representatives of big business on the bond market and will contribute to the liberation of the capital of credit institutions.
In conditions of limited access of Russian banks to Western financial markets, the regulator will support the development of syndicated lending. The development of the syndicated loan will meet the needs of the borrower in cases where bonding is difficult or impossible.
The Bank of Russia also intends to improve the system of financial market regulation, mitigating regulatory and proportionally distributing the load.
It is expected that the requirements will be different for systemically important organizations, small organizations and other companies, in accordance with the risks from its activities for the financial sector. Active implementation of information technology will reduce costs of financial intermediaries on the writing of different reports.
The Bank of Russia also considers it crucial that the training of qualified personnel for financial institutions.
In this area, besides improvement of national financial education, it is planned to develop a mechanism for the recognition of foreign qualification certificates.
The document is published on the website of the Central Bank and will be discussed with the professional community and the government of the Russian Federation for further introduction in the state Duma.