THE ROLE OF CREDIT BROKERS IN INCREASING THE STABILITY OF THE FINANCIAL SYSTEM IN RUSSIA

• Main Author: D. K. Mashtakeeva
• Format: Article
• Language: Russian
• Published: Government of the Russian Federation, Financial University 2017-10-01
• Series: Финансы: теория и практика
• Subjects: financial market; credit broker; protection of the rights of financial services consumers; risks; government regulation; self-regulation; certification; financial consultant; professional standard
• Online Access: https://financetp.fa.ru/jour/article/view/56
• ISSN: 2587-5671; 2587-7089

Targeted development of credit brokerage is an essential element of the government program concerning the Russian credit system and financial market development. It calls for immediate improvement of the legislation and the regulatory framework, introduction of new Basel-II and Basel-III standards, development and implementation of the methodology and mechanisms of credit institution regulation to ensure protection of rights of creditors and financial services consumers. The article presents a comparative analysis of the international experience and the Russian practice in the lending sphere and investigates the work of the credit brokerage institution in the framework of the current legislation and established business practices along with problems arising in professional activities carried out by a credit broker. The author explores the duties of credit brokers and classifies the latter according to their specialization in the credit services market. The author also identifies the basic stages and formulates the tendencies of the credit brokerage development abroad and in Russia paying special attention to the issues of self-regulation and activities of the National Association of Credit Brokers and Financial Consultants of Russia (ACBR). The article contains recommendations for legislative and executive authorities and gives a summary of the ACBR activities. The introduction of the proposed innovations will promote progressive development of the mechanism of state regulation in the credit brokerage field along with the credit brokerage transformation to an efficient mechanism in the credit market.