Bank of Russia to prepare recommendations for financial institutions’ work persons with mental disabilities
The roadmap for improving financial inclusion of persons with disabilities (PWDs), the elderly, and low mobility persons will be further expanded with a set of measures and recommendations aimed at creating a barrier-free environment for persons with mental disabilities. This area was discussed at a special meeting of the working group on increased financial inclusion of PWDs, the elderly, and low mobility persons that was held on 12 February 2019 at the Bank of Russia.
During the discussion of the specifics of services provided by financial institutions to persons with mental disabilities, the following main issues were identified as those commonly faced by such users: uncomfortable conditions in the office; complex, unreasonably bureaucratised processes; low financial literacy and awareness among such persons with regard to the correct and secure use of financial products and services; difficulties with taking rational decisions, memorising information and long-term planning; and inappropriate behaviour of financial institutions’ staff.
Potential ways to improve financial inclusion for this vulnerable social group include adapting services and creating specialised products using digital technologies; holding educational events and producing materials (including publishing educational materials in the most accessible form, online courses and games); and training financial institutions’ staff to treat those with mental disabilities ethically.
The discussion covered issues regarding the legal status of the trustee, who can be vested with the authority to undertake additional control over the financial activity of a person with mental disabilities. Meeting participants also were offered a methodology for adapting financial institutions’ information materials so as to make them easier to comprehend by those with mental disabilities (an easy-to-read format).
Experts and representatives of the Bank of Russia and public institutions discussed with the banking community the existing practice of ensuring the financial inclusion of those with mental disabilities. In particular, it was noted that the approaches to adapting financial services to such customers developed by certain foreign banks also make financial products and services more convenient and accessible for many other customers of other categories thus boosting the trust in the financial institution and increasing its client base.
As a result of the discussion, it was decided to study existing practices and gather thoughts and suggestions from representatives of Russian financial institutions and associations in order to develop efficient measures aimed at improving the financial inclusion and protecting the rights of this particularly vulnerable customer group.