The Central Bank of Russia sent an information letter to financial market participants working with a large number of individuals, recommending that consumer protection be monitored through dedicated board-level procedures and, where appropriate, supported by a specialised board committee. Depending on the scope and type of business, boards of directors are advised to adopt a separate procedure for monitoring consumer protection and may include experts in customer experience and in the development and sale of financial products and services. Firms may also establish a consumer protection committee under the board to oversee the implementation of professional conduct rules in customer relations and consumer protection controls, and to propose improvements to employee incentive schemes that reflect customer centricity. The committee chair is expected to meet requirements similar to those for an independent director under the Corporate Governance Code.
Central Bank of Russia 2026-03-13
Central Bank of Russia issues governance recommendations for board oversight of consumer protection
The Central Bank of Russia issued guidance to financial market participants, recommending board-level procedures for monitoring consumer protection. Firms are advised to establish a consumer protection committee to oversee professional conduct and propose improvements to employee incentive schemes. The committee chair should meet standards akin to an independent director under the Corporate Governance Code.