The Central Bank of Russia has sent an information letter to market participants setting out unfair practices that should be avoided when providing financial products and services to consumers, after identifying cases of incomplete and misleading client communications. The regulator flagged failures to fully disclose product information and associated expenses, including the use of website design techniques that make fee information less visible. It also highlighted marketing that compares investment products with bank deposits by emphasising advantages while omitting the relevant risks, as well as the use of the phrase “approved by the Bank of Russia” to bolster customer confidence despite this being untrue. The issues were identified both in online materials and in verbal communications, alongside a recommendation that firms provide timely, user-friendly and reliable information to consumers.
Central Bank of Russia 2025-10-29
Central Bank of Russia issues information letter on avoiding unfair client disclosures and misleading marketing
The Central Bank of Russia issued an information letter to market participants highlighting unfair practices in financial product and service communications. It identified issues such as incomplete disclosure of product information, misleading marketing comparisons, and false claims of approval by the Bank. The regulator recommends providing timely, user-friendly, and reliable information to consumers.