Protecting the rights of consumers of financial services and financial literacy of the population of the Russian Federation

Annotation
The relevance of the study due to the fact that the most important aspects of the protection of the rights of consumers of financial services are financial education and information, as well as improving the financial literacy of the population.
This work is devoted to research activities that contribute to the promotion of financial literacy and the development of sustainable consumer behaviour among the population, as an indispensable and essential element of the national system of consumer protection. In the Russian Federation and other member States of the CIS, taking into account national practices and traditions is the development of educational programs and introduction of global best practices in the area of awareness-raising and protection of the rights of consumers of financial services.


Introduction
The relevance of the study due to the fact that the most important aspects of the protection of the rights of consumers of financial services are financial education and information, as well as improving the financial literacy of the population.
We know from international practical experience that efficient and sustainable functioning of financial market depends on a number of interrelated factors such as competitive environment and financial inclusion, financial institutions abiding by professional standards and business ethics, and financial consumer protection. At the same time, financial consumer protection cannot be limited to processing consumers’ appeals and complaints, conducting compliance and regulatory activities, taking restrictive measures, and providing the legal and regulatory environment. The crucial aspects of the financial consumer protection are financial education and information as well as improving financial literacy of the population. According to the Economic Development Strategy of the Commonwealth of Independent States (CIS) for the Period Till 2020, ensuring equal opportunities for financial consumer protection for all citizens must be one of the areas of collaboration between the CIS member states.
The initiatives conducive to improving financial literacy and developing sustainable rational consumer behavior among the population are seen by the CIS member states as an indispensable and significant element of the national consumer protection system. In the Russian Federation as well as in other CIS member states, the development of education programs and the implementation of the world’s best practices in awareness-raising and financial consumer protection are carried out, taking into account national practices and traditions. In the Russian Federation, the federal state oversight in the sphere of consumer protection including financial consumer protection is exercised by the Russian Federal Service for Surveillance on Consumer Rights Protection and Human Wellbeing (Rospotrebnadzor).
A complex governance system has been created within Rospotrebnadzor’s institutional structure to directly ensure financial consumer protection as well as delivery of consultancy, information and education on various aspects of financial services and financial consumer rights to the citizens. Apart from Rospotrebnadzor, its local offices and subordinate organizations, an active role in financial consumer protection and relevant awareness and education work is also played by the RF Ministry of Finance, executive bodies of constituent entities of the Russian Federation and local governing bodies, the Bank of Russia, and non-governmental consumer unions and organizations.
Objectives of the study:
- to study the normative-legal regulation in the field of protection of the rights of consumers of financial services;
- to study the development of protection of the rights of consumers of financial services and expanding access to financial services.


1. Normative legal regulation and mandates in the field of financial consumer protection
When choosing the priority topics to inform the public are taken into account the following main aspects:
the formation of the culture of responsible financial behaviour, including tax, as well as skills in the control of expenditure and income;
the creation of motivation to the medium-term and long-term savings, the optimal ratio between the credit debt and household income, the peculiarities of planning at different stages of the life cycle;
the increase in interest and citizens ' motivation to acquire new knowledge and skills in financial literacy, awareness of its importance and practical use for personal and family financial well-being, development of sense of personal responsibility for their financial behavior;