Source: Central Bank of the Russian Federation in English
21 October 2020
Management companies of unit investment funds (UIF managers) shall ask agents (which are often banks) to provide information on issues related to the sales of their financial products in order to adjust the quality of sales performed by agents, reports the Bank of Russia information letter.
In the process of conduct supervision, the regulator revealed that some consumers who purchased investment units in a bank (a UIF manager’s agent) and faced problems (e.g. with repayments) complained to the bank and not to the manager. In turn, the agent bank did not forward the complaints to the product supplier and reviewed them itself as complaints against its employees.
The Bank of Russia recommends that management companies improve their relations with agents to receive constant customer feedback on their financial products and issues arising during their sales, so that customers’ complaints and requests on these issues are always forwarded to the management company.
Preview photo: Fizkes / Shutterstock / Fotodom