Financial product management principles: Bank of Russia’s recommendations
The Bank of Russia recommends that financial institutions rely on a preliminary analysis of customer needs, assess potential risks in advance, and inform customers about these risks when developing new products. It is also recommended to monitor the quality of sales and people’s satisfaction with these products at all stages of their life cycle.
This will make it possible to develop financial products that are needed and easy-to-understand by customers. People will be able to make prudent decisions and choices, focusing on their desires and financial capabilities. Such an approach will contribute to the protection of individuals and increase their confidence in the financial market.
The Bank of Russia’s recommendations will help develop the culture and responsibility of financial institutions and minimise sales of financial products that have no value for customers.