Measures to protect the rights of citizens were discussed at The V Moscow Financial Forum

Measures to protect the rights of citizens were discussed at The V Moscow Financial Forum

The rights of investors in the financial market and protection of citizens' rights were discussed at the session ‘Financial market - savings for people, investment for business’ at the V Moscow Financial Forum.

The Chairman of the Committee on Financial Market of the State Duma of the Federal Assembly of the Russian Federation Anatoly Aksakov, Member of the Board of Directors of St. Petersburg Exchange PJSC Roman Goryunov, Head of VTB Capital Investments Vladimir Potapov, President of the All-Russian Union of Insurers Igor Yurgens, and the Chairman of Executive Boards of Moscow Exhange Yuriy Denisov participated in the discussion as speakers. Alexey Moiseev, Deputy Minister of Finance of the Russian Federation, served as moderator.

The speakers also discussed the formation of client-oriented and ethical business, aimed at long-term and mutually beneficial relationships with the consumers of financial services, the current situation in the stock markets, and the emergence of marketplaces.

‘Today, the Russian financial market is rapidly growing, so the authorities and business are facing the task of creating effective mechanisms that will form the basis for improving the financial market in the future,’ Deputy Minister of Finance of the Russian Federation Alexey Moiseev said.

The structure of investors in the Russian bond market has changed with the mass entry of individuals in the market: their share in initial public offerings of corporate and exchange bonds in the first half of 2021 amounted to 28% (in comparison with 18% in 2020). The risk appetite of retail investors will continue to contribute to successful market entry of the 2-3 tier issuers, including companies of the agro-industrial complex. This opinion was expressed by Anna Kuznetsova, Deputy Chairman of the Management Board of Rosselkhozbank.

Anatoly Aksakov, the Chairman of the Committee on Financial Market of the State Duma, proposed to introduce mandatory collection of biometric data when opening bank accounts for foreigners in Russia in order to prevent unauthorized transactions with individuals’ funds.

‘We propose to discuss the possibility of mandatory collection of biometric data for opening bank accounts for foreigners in Russia. Then these mechanisms should be set at the borders in order to cut off a significant part of fraudsters operating in Russia,’ Aksakov explained.

In turn, Deputy Minister of Finance Alexey Moiseev claimed that in order to provide quality service, it is necessary not only to issue laws and protect the rights of citizens, but also to create effective, quick, cheap and convenient services. According to Moiseev, this process only happens when there is healthy competition. ‘We are witnessing rapid consolidation in the financial markets not only in Russia, but in all countries. Tens of thousands of intermediaries are shrinking into hundreds, and in a number of countries we can see major players beginning to enter related markets,’ Moiseev believes.

In addition, according to the speakers, Russian banks should be able to block funds in the account of the recipient of suspected unauthorized transactions, and provide personal information about the person whose account has received funds for further application to law enforcement agencies.

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