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Dissemination Workshops - Russian Federation

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 Workshops

RUSSIAN FEDERATION
Consumer Protection in Financial Services

Moscow, Russian Federation
(September, 2009)

  Editorial 
  Diagnostic Review of Consumer Protection in Financial Services
  Kick-Off Workshop (22 September 2009)
  Implementation Workshops (23-25 September 2009)

 

EDITORIAL

 
Over the last decade, households across Europe, North America, Latin America and Asia have discovered a new commodity - consumer credit. From western reaches of the European Union to eastern shore of Central Asia, households have taken on debt to pay for housing, cars and just getting by. The Russian Federation has been no exemption.

In just four years (from 2003 to 2007) consumer borrowings - excluding mortgages - skyrocketed from a minimal level of $100 per person in Russia to over $1,200 per capita.

Yet the increases have been uneven throughout the Russian population. Even now, more than 40 percent of the population lacks access to any form of financial services. Only 16 percent have bank accounts and less than one percent of the population invests in securities, investment funds or insurance.

"At the G-8 meeting in St. Petersburg in 2006, the Russian authorities took the lead in calling for improved global programs for financial literacy and financial education. In 2007, the World Bank started a pilot global program in consumer protection and financial literacy, using the Europe and Central Asia Region as a starting point," commented Head of the group of the Review authors Ms. Sue Rutledge, World Bank Consumer Protection Coordinator and Senior Private Sector Development Specialist.

In June 2008, the World Bank conducted a financial literacy survey of over 1,600 households in 40 regions of the Russian Federation. The results were not all that surprising. More than half of respondents felt that they lacked adequate financial skills. 

 

RussiaKOWorkshop

Sue Rutledge and Klaus Rohland (World Bank) and Sergey Kharlamov (FFMS)

The report recommends that six measures be taken:

  1. The Government authorities should simplify and strengthen the regulatory and supervisory institutional structure responsible for financial consumer protection.
  2. Financial institutions should make their consumer disclosure easy to read but still accurate and complete.
  3. Unfair business practices of debt collectors should be prohibited.
  4. The dispute resolution mechanisms should be strengthened.
  5. Consumers should have easy access to financial education so that they can learn about their financial services - not just the terms of service but also the risks and rewards of different personal financial strategies.
  6. Regular surveys of financial consumers should be conducted.

"The program requires an active role not just by the Russian government authorities but also by the financial institutions, their professional associations and members of civil society. The result will be empowered financial consumers - and a stronger society," said Klaus Rohland, World Bank Country Director and Resident Representative in the Russian Federation.

 

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DIAGNOSTIC REVIEW OF CONSUMER PROTECTION
IN FINANCIAL SERVICES

 
Russian Federation: Diagnostic Review of Consumer Protection in Financial Services 

Volume I

     English:  Key Findings and Recommendations (pdf, 903kb)
     Russian: Ключевые выводы и рекомендации (pdf, 1270kb)
 
Volume II

     English:  Review against Good Practices (pdf, 1815kb)
     Russian: Передовая Практика (pdf, 2303kb)
 

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 KICK-OFF WORKSHOP
(September 22, 2009)

 

09:00 Registration of participants
  
10:00 Opening remarks
  

Mr. Klaus Rohland, Country Director and Resident Representative of the World Bank in Russia

Please, click below to read the talking points and watch a video of the speech:
Klaus Rohland's remarks

  
10:30 Presentation "Russian Federation: Diagnostic Review of Consumer Protection in Financial Services"
 

Ms. Sue Rutledge, Regional Coordinator of Consumer Protection and Financial Literacy Programs, The World Bank

Please, click below to read the talking points and watch a video of the speech:
Sue Rutledge's presentation

  
11:00Coffee break and Interviews
  
11:30Comments
  All participants
   
12:30 Closing remarks
  
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IMPLEMENTATION WORKSHOPS
(September 23-25, 2009)

 

Consumer Protection in the Pensions Sector  (23 September 2009, 9am)
Consumer Protection in the Insurance Sector  (23 September 2009, 3pm)
Consumer Protection in the Banking Sector    (24 September 2009, 9am)
Consumer Protection in the Securities Sector  (24 September 2009, 3pm)

 

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Consumer Protection in the Pensions Sector (23 September 2009)

  
09:00 Registration of participants
  
10:00 Opening remarks
  

National Association of Pension Funds

  
10:30 Presentation "Russian Federation: Diagnostic Review of Consumer Protection in Financial Services - Pensions Sector"
 

Ms. Sue Rutledge, Regional Coordinator of Consumer Protection and Financial Literacy Programs, The World Bank

  
11:00Coffee break
  
11:15Round table: Comments, recommendations, findings and next steps
  All participants
  
12:30 Closing remarks
  
tool-arrow.gif Implementation workshops

Consumer Protection in the Insurance Sector (23 September 2009)

 
15:00 Registration of participants
  
15:15 Opening remarks
  

All Russian Insurance Association
Federal Service for Insurance Supervision

  
15:30 Presentation "Russian Federation: Diagnostic Review of Consumer Protection in Financial Services - Insurance Sector"
 

Ms. Sue Rutledge, Regional Coordinator of Consumer Protection and Financial Literacy Programs, The World Bank

  
16:00Coffee break
  
16:15Round table: Comments, recommendations, findings and next steps
  All participants
   
17:30 Closing remarks
  
tool-arrow.gif Implementation workshops
Consumer Protection in the Banking Sector (24 September 2009)
  
09:00 Registration of participants
   
10:00 Opening remarks
  

Association of Russian Banks
Association of Regional Banks of Russia
Central Bank of Russia

  
10:30 Presnetation "Russian Federation: Diagnostic Review of Consumer Protection in Financial Services - Banking Sector"
 

Ms. Sue Rutledge, Regional Coordinator of Consumer Protection and Financial Literacy Programs, The World Bank

  
11:00Coffee break
  
11:15Round table: Comments, recommendations, findings and next steps
  All participants
  
12:30 Closing remarks
  
tool-arrow.gif Implementation workshops
Consumer Protection in the Securities Sector (24 September 2009)
 
15:00 Registration of participants
  
15:15 Opening remarks
  National Association of Stock Market Participants
National Securities Market Association
  
15:30 Presentation "Russian Federation: Diagnostic Review of Consumer Protection in Financial Services - Securities Sector"
 

Ms. Sue Rutledge, Regional Coordinator of Consumer Protection and Financial Literacy Programs, The World Bank

 
16:00Coffee break
  
16:15Round table: Comments, recommendations, findings and next steps
  All participants
  
17:30 Closing remarks
  
tool-arrow.gif Implementation workshops

 

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