Results of the round table “Protection of consumer rights-users of services in the forex market”

28 August 2017

August 24, 2017 in the building of the library. A.P. Bogolyubova self-regulatory organization in the financial market, uniting forex dealers, the Association of Forex Dealers (hereinafter – SRO AFD) held a round table on “Protection of consumer rights-users of services in the forex market.” The meeting was attended by representatives of the Central Bank of the Russian Federation, staff of the State Duma Financial Market Committee, FAS Russia, forex dealers, SRO AFD, as well as representatives of profile organizations.

During the roundtable, the most important issues were discussed: regulatory requirements for the activities of a forex dealer for the protection of consumer rights in the forex market, a draft standard for the protection of consumer rights, work with citizens’ appeals, work to counter unfair participants in the forex market, competitive jurisdiction as an element protection of rights and interests of consumers of financial services, SRO AFD activities to increase the literacy of financial services for consumers in the forex market.

In his welcoming address addressed to the participants of the round table, Anatoly Gennadyevich Aksakov, State Duma deputy, Chairman of the State Duma Financial Market Committee, said: “It is important to pay special attention to protecting consumers’ rights from dishonest practices. The measures taken have already significantly reduced the activities of unscrupulous market participants, prevent the spread of illegal advertising and, as a result, protect citizens from fraudulent schemes. ”

During the discussion, the participants of the round table noted that in the field of control over the activities of forex dealers, a control purchase mechanism was developed. The mechanism is not applicable to dishonest participants, but there are a number of measures to limit them, which are implemented by the Bank of Russia and the SRO of the AFD.

“The Bank of Russia has been consistently working to limit the activities of illegal market participants. In this issue, we closely interact with law enforcement agencies and advertising platforms. A Russian client who starts working with a company that does not have a Russian license must understand that he takes all risks and in case of her unfair behavior we can not protect his interests, “said Kirill Pronin, deputy director of the Securities Market Department and the commodity market of the Bank of Russia.

During the discussion of the work with citizens ‘appeals, Alexander Brod, a member of the Presidential Council for the Development of Civil Society and Human Rights, in his speech on the topic of dealing with citizens’ appeals, focused on the awareness of the consumer who was facing problems with lack of knowledge on working with representatives of financial markets, organization and interaction with bodies that can provide advice, promote the development of legal regulation in the minds of consumers ator.

Elena Sergeevna Nenakhova, Deputy Head of the Service for Consumer Rights Protection and Ensuring the Accessibility of Financial Services of the Bank of Russia, stressed: “The Instruction of the Bank of Russia established requirements for the content of the Basic Standard for the Protection of the Rights of Financial Services Consumers in the Forex Market, which cover key areas of interaction between forex dealers and recipients financial services, including the minimum amount and procedure for providing information to recipients of financial services;
; the order and principles of interaction with recipients of financial services; minimum standards for servicing financial service recipients; methods of pre-trial and extrajudicial settlement of disputes between recipients of financial services and financial organizations; the procedure for dealing with appeals of financial services recipients.

In accordance with the established requirements, a self-regulating organization of forex dealers should prepare the corresponding text of the Basic Standard. ” Evgeny Ivanovich Masharov, head of the Association of Forex-Dealers: “Forex-community after the adoption of the law on the regulation of the forex market split into two fronts: forex dealers and companies operating outside the regulated market. AFD plans to actively discourage the work of unscrupulous companies. Let them not be upset. We all know and sooner or later we will find them. ”

Work on counteracting unscrupulous companies is already actively being conducted, in a special field of view is advertising and the activity of training centers. Alexander Olegovich Razin, Deputy Head of the Financial Market Control Department FAS Russia noted that: “In the third quarter of 2017, the status of training centers for forex dealers should be definitively determined and we actively develop proposals to limit the attraction of clients by companies that do not have a license for training.”

Representatives of forex dealers during the discussion on the round table also noted the need to counter unscrupulous market participants. At the same time, they expressed hope for the creation of more competitive conditions aimed at effective protection of the rights of consumers of financial services. As a result of the round table moderator of the round table, Vice-President of the Association of Regional Banks Yan Aleksandrovich noted several final proposals, in particular, the fight against unlicensed participants will continue, as well as control over the legality of advertising distribution and other areas of work for the formation of a civilized forex market in our country .








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