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PM demands Russian financial institutions meet world standards on information access

Cash, Calculator, Pen

MOSCOW. Feb 13 (Interfax) – The accessibility of information about the activities of Russian financial institutions does not yet meet world standards, Prime Minister Dmitry Medvedev said.

At a cabinet meeting on Wednesday, the prime minister demanded that measures be taken to eliminate this shortcoming.

“We need to meet the level of world standards in terms of the accessibility, quality and completeness of information about the activities of our banks, investment funds, insurance companies. Right not, it must be acknowledged, this is not quite the case,” Medvedev said.

“Our people, investors should have convenient, comprehensible opportunities for investing their savings, including pension savings. Without this, we won’t solve the problem of attracting so-called long money into the economy,” Medvedev said.

He said “this will make it possible to minimize the heightened risks characteristic for the financial sector and reduce that which is related to the instability of financial markets.”

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