2013-2014
Developing responsible financial markets and the Financial Ombudsman Consumer Protection Service: UK experience and Rospotrebnadzor practices.
Project Summary
The main objective of the project is to build capacity of federal and regional authorities in Russia and to implement Financial Ombudsman Service using the best practice from UK.
The Project will contribute to creation of the Financial Ombudsman Service in Russia that will simplify the dispute resolution between customers and financial organizations. First of all the project is contributing to proper development of legislative basis, which is now passing very important public hearing and consultation process. Secondly, the Project will help in setting up the organizational framework and operational scheme for Financial Ombudsman Service in Russia, which will be created in the 7 Federal Districts. The Project will contribute to better integration of Russia in the international ombudsmen networks and cooperation for responsible financial market development.
In the long-term perspective implementation of the Financial Ombudsman Service in Russia will also lead to strengthening the customers protection system in Russia, improving the financial literacy and developing of the financial market, settling disputes between consumers and businesses that are providing financial services such as banks, insurance companies, investment firms, financial advisers. The project will also have long term impact on empowering and protecting consumer
2012-2013
Strengthening the capacity of Rospotrebnadzor's specialists in the area of financial services and financial consumer protection in Russia.
Project Summary
The project: strengthening consumer protection in financial services by strengthening capacity for financial consumer protection in the Consumer Protection Service, industry professional associations, and civil society is supported by the Ministry of Finance of the Russian Federation and the World Bank under the Financial Education and Financial Literacy Programme (FEFL) - Component 4: Strengthening of consumer protection in financial services.
The key objective of the Project is to establish the frameworks for the system of qualification upgrading and retraining of Rospotrebnadzor specialists to ensure effective implementation of financial consumer protection function through conducting urgent training of employees currently responsible for financial consumer protection. Rospotrebnadzor is the Federal Service for Control of Consumers Protection in Russia.
The specific objectives of the Project include:
- Development of methodological materials and teaching aids for urgent training of Rospotrebnadzor specialists in the area of financial consumer protection; development of training structure.
- Conducting urgent full-time training of pilot groups of Rospotrebnadzor specialists in the fundamentals of financial literacy, qualification upgrading in the area of legal regulation of financial sector, study of the international experience in financial consumer protection.
- Preparation of analytical materials upon training completion along with the summary of practical experience to be further used for dissemination of successful experience among Rospotrebnadzor advisory centers, and for creating the plans for future trainings of Rospotrebnadzor specialists within the bounds of the FEFL Project;
- Development of recommendations for the establishment of internal training system for Rospotrebnadzor specialists (including the system of qualification upgrading and assessment of the level of employees’ expertise in the area of financial consumer protection).
- Study of the best international experience in financial consumer protection is in the core of the Project activities and include study tours to 4 countries: Great Britain, Poland, Belgium, and Brazil.
In each country study program includes visits and meetings with experts of the following reputable and best-practiced institutions of financial consumer protection:
- government regulating and supervisory services dealing specifically with financial consumer rights and financial services for consumers (preferably at federal and at regional / local levels);
- non-government consumer organizations and / or other civil society institutions oriented at protecting financial consumer rights and promoting financial literacy;
- out-of-court dispute resolution bodies for consumers whose rights are violated by financial institutions (financial ombudsman and / or other mediation institutions).
