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Finance Ministry, Bank of Russia prepare financial market development strategy until 2030

The document concerns a number of areas, including protection of the rights of consumers of financial services, digitalization, ESG issues, and liberalization of regulation, primarily in the insurance market

Russian Ministry of Finance HANK50/Shutterstock/FOTODOM

Russian Ministry of Finance

© HANK50/Shutterstock/FOTODOM

MOSCOW, September 13. /TASS/. The Russian Ministry of Finance together with the Bank of Russia and market participants prepared a strategy for the development of the financial market until 2030 for the first time, Deputy Finance Minister Alexey Moiseev said at a press briefing.

"Together with the Bank of Russia and the community, we are preparing for the first time in Russia a strategy for the development of financial markets for 10 years. This document will complement the main directions of development of the financial market, which essentially determine the tactics. The strategy determines the directions that the state will promote in the financial market over the coming decade," he said.

According to the Deputy Minister, during the preparation of the document, a lot of work was done with all market participants, including consumers of financial services. The strategy concerns a number of areas, including protection of the rights of consumers of financial services, digitalization, ESG issues, and liberalization of regulation, primarily in the insurance market.

"The development of the Russian financial market is carried out by its participants in partnership with the state. At the same time, the strategic goal of market participants is to develop an innovative, customer-oriented, and ethical business aimed at long-term mutually beneficial relationships with consumers of financial services. The strategic goal of regulators is to create favorable conditions for the development of the financial market, eliminate distortions and barriers to its development, using the existing tools. This is the main provision on which the current strategy for the development of the financial market until 2030 is based," the document said.

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