Practice in cases of unfair competition in the banking services market

Abstract

Importance: assessment of the practice of providing financial services by credit institutions from the point of view of the antimonopoly authority. Purpose: analysis of the practice of applying the Federal Law of July 26, 2006 No. 135-FZ «On the Protection of Competition» to unscrupulous credit institutions whose behavior negatively affects the state of the competitive environment in the financial services market. Research design: for a long period of time, the Federal Antimonopoly Service has been faced with unfair behavior of credit institutions, including misleading consumers regarding the consumer properties of the products and services they offer, in connection with this, the protection of consumers of financial services and the suppression of such behavior by financial market participants is one of the main areas of activity of the FAS Russia. Results: in order to prevent possible violations of antimonopoly legislation, the FAS Russia, together with the Bank of Russia, regularly prepares appropriate recommendations to market participants. In addition, the department also monitors the implementation of recommendations and takes measures aimed at preventing violations. If there are signs of a violation of antimonopoly legislation, the FAS Russia immediately takes response measures – from warnings and cautions to the initiation of cases of violation of antimonopoly legislation.