will be made. i would now like to address the development of other sectors of the financial market. starting with what, in our opinion, is the key area – creating sources of long - term money in the financial system e. g. the funded pension system, investment of insurance reserves and various forms of investment ( primarily collective ). we are putting a great deal of effort into preserving the funded pension market. accounting for demographic trends, the funded component is the only way to ensure a reasonable pension level. this is extremely important for broadening the horizon of investment in the economy. we have fully corporatised non - state pension funds. now, all funds concerned with compulsory pension insurance are participants of a guarantee system. the financial stability of non - state pension funds continues to increase thanks to strict admission to the guarantee system, constant monitoring of non - state pension funds, as well as initiating stress tests. we will be overseeing this progress. to assure future pensioners of their income, we plan to introduce fiduciary responsibility for npfs. to broaden the horizon of their investment, we will change the remuneration system to fend off the false motivation behind recording income for a short period of time. these measures are the groundwork for ensuring that npfs are stable and work to benefit their clients. but it is not enough. in our opinion, a convenient, large - scale voluntary funded pension system is needed to preserve the funded pension market given the expected long - term freezing of the funded component of pensions. in conjunction with the ministry of finance, we have spent a lot of time developing the individual pension capital system. this involves voluntary pension deductions via automatic subscription. in our opinion, it is crucial to establish centralised administration of the system. it will provide a single window for customer service, and standardise and automate work, providing the public with a convenient service. incidentally, we believe that having centralised administration would reduce the number of incidents where the public ’ s rights are infringed when transitioning from one non - state pension fund to another. as we see it, the draft bill is currently nearing completion. the government is working on removing disagreements and, all being well, the draft bill will soon be submitted to the duma. moving on to the insurance market. it is demonstrating growth and is, on the whole, marked by positive trends. however, there are problematic segments : mainly osago. resolving the issues linked to os

consumer rights. our objective in this area is absolutely clear – financial decisions should not lead to misfortune in consumers ’ lives. therefore, we suspend fraudulent market players, limit the risks that the public 10 / 11 bis central bankers'speeches take on themselves, and delve into specific situations related to public complaints. but it is not enough. we need instruments to prevent practices that may be formally legal but are designed to deceive the client, sell the wrong product, at the wrong price, with unspecified risks. we are preparing to establish a second vertical supervision framework for financial institutions – the so - called behavioural supervision. our next steps will be : - introducing rules about selling financial products and services to various categories of consumers, in particular about providing the information about the product that is being sold ; - reinforcing the role of self - regulating organisations that should develop basic standards about providing services and monitoring their implementation. we would be glad to see law passed regarding a financial ombudsman. discussion thereof has already been very drawn out. we propose developing this new mechanism on a step - by - step basis : first, introduce osago to the ombudsman ’ s remit, then microfinance products, then banks and other institutions. certainly, it is impossible to create a system that effectively protects consumer rights without improving financial literacy, reducing the number of “ unforced errors ” that members of the public make when choosing financial services and vendors. therefore, we will particularly focus on financial literacy. we have already launched a number of programmes, ranging from educating schoolchildren and students to creating a specialised website. access to financial services has been given separate priority status because it is vital for russia. special attention will be paid to the uniform development of access to services in different territories, cities and towns and reducing disparity. i would also like note it is unacceptable that some people lack access to financial services owing to disability. unfortunately, such examples still occur. to conclude, i would like to summarise the overall focus of the measures that we plan to take in various areas in the coming years. how will our work differ from that in previous years? i started my speech by saying the russian economy is entering a new cycle and the central bank ’ s approaches to work should rise to meet these new conditions. our work will be consistent, we will continue to resolve the problems we have already identified, where progress has been made. however, we also need to think