Remote sales channels for financial services need regulation: results of discussion of the report for public consultations of the Bank of Russia

Summary:

The document presents a comprehensive analysis of the online financial services market, highlighting the importance of effective risk management and regulation. It emphasizes the need for a unified approach to address the diverse needs of financial institutions and their customers. The authors argue that a standardized framework for monitoring and evaluating the risks associated with online financial transactions can help reduce the incidence of fraud and errors. They also emphasize the importance of transparency and accountability in the wake of recent financial crises. The document suggests that a regulatory framework that balances the need for consumer protection with the need for financial innovation can help promote the growth of the online financial services market.