Financial Markets: Increasing Complexity, Maintaining Stability

3–5 July 2019, ST. PETERSBURG

    The Bank of Russia to Ban Loan Pre-Sold Services

    The Bank of Russia considers imposing legislative limitations on pre-sold services that usually go along with loans, said Mikhail Mamuta, Head of Service for Protection of Consumer Rights and Ensuring the Availability of Financial Services of the Bank of Russia at the International Financial Congress.

    “There are practices when companies offer their customers a so-called pre-sold service. For example, when receiving a loan, one does not get to choose a service, but rather refuse, uncheck a tick box. The consumer may not always know that this is not an integral part of a service. Currently, we combat such practices within monitoring procedures. In our view, this should also be settled legislatively by amending the law on consumer credit,” explained Mr. Mamuta.