The Central Bank has proposed considering the introduction of a non-credit rating of the quality of financial products.

Speaking at the Bank of Russia Financial Congress, which will be held on July 3-5 in St. Petersburg, Bank of Russia representative Michal Mamuta said that this rating will be formed by rating agencies based on an assessment of the quality of the financial product and management system.

According to Mamut, the Central Bank’s specialists have studied the experience of other countries and continue to explore international practices that they find useful.

“We want to discuss this story with the market, its pros and cons. The idea is that within the framework of such a comprehensive rating assessment procedure, it is not the credit quality or credit risks that are assessed, but the quality of the product itself, the quality of the service, which forms a certain free credit rating,” said a representative of the Central Bank, quoted by Frank Media.

According to the original idea of ​​the Central Bank, the proposed rating should assess compliance with the principles of financial product management, the presence of procedures for assessing customer value1, study the life cycle of a financial product, as well as monitor the work of agents selling this product.

The introduction of the rating will help encourage financial market participants to respect consumer rights, the Central Bank believes. They encourage you to think about possible innovation.