title: Unfair commercial practice (misseling) as a barrier to the ESG transformation of the Russian banking business
metadata.name: dc.contributor.author
metadata.value: Kanaev, Alexander V.
metadata.lang: -
metadata.name: dc.contributor.author
metadata.value: Kanaeva, Olga A.
metadata.lang: -
metadata.name: dc.date.accessioned
metadata.value: 2023-02-07T12:54:58Z
metadata.lang: -
metadata.name: dc.date.available
metadata.value: 2023-02-07T12:54:58Z
metadata.lang: -
metadata.name: dc.date.issued
metadata.value: 2022-12
metadata.lang: -
metadata.name: dc.identifier.citation
metadata.value: Kanaev, A. V. and Kanaeva, O. A. (2022) ‘Unfair commercial practice (misseling) as a barrier to the ESG transformation of the Russian banking business’, St Petersburg University Journal of Economic Studies, 38 (4), pp. 581–606. https://doi.org/10.21638/spbu05.2022.405 (In Russian)
metadata.lang: en_GB
metadata.name: dc.identifier.other
metadata.value: https://doi.org/10.21638/spbu05.2022.405
metadata.lang: -
metadata.name: dc.identifier.uri
metadata.value: http://hdl.handle.net/11701/39000
metadata.lang: -
metadata.name: dc.description.abstract
metadata.value: The article is devoted to a little-studied phenomenon of the modern financial system, called
  “mis-seling”, which is a series of interrelated unfair practices and methods of selling financial
  services that cause significant damage to the reputation of Russian banks and undermine the
  long-term loyalty of their customers. The purpose of this article is to reveal the essence of misselling
  as a complex legal, social, commercial and financial phenomenon, study its forms and
  methods, analyze the reasons for its spread in Russia, and develop proposals for protecting consumers
  from these practices. Achievement of articles’ purpose is ensured by use of the historicalgenetic
  research method, analysis of the leading experts’ publications and regulatory documentation
  in the field of responsible finance, generalization of empirical monitoring studies on the
  rights of financial services consumer protection. Results: a reconceptualization of mis-selling
  was carried out, which made it possible to give an expanded interpretation of this phenomenon
  as unfair commercial practice that violates consumer rights and contradicts the principles of
  responsible business conduct. It is shown that the prospects for large-scale ESG-transformation
  of the banking business, its restructuring on the principles of sustainable development, to a decisive
  extent depend on the solution of tasks to strengthen consumer protection. Conclusions:
  the implementation of the course towards the development of a modern, efficiently functioning
  financial sector of the economy, based on the principles of trust and competition and using
  tools that meet the needs of stakeholders, involves strengthening the social orientation of the
  development of the banking business, which will be facilitated by: a serious modernization of
  the consumer protection system, measures to expanding the jurisdictional powers of the Bank of
  Russia in the field of preventing administrative offenses, improving non-financial reporting and
  increasing the financial literacy of the population of the country.
metadata.lang: en_GB
metadata.name: dc.language.iso
metadata.value: ru
metadata.lang: en_GB
metadata.name: dc.publisher
metadata.value: St Petersburg State University
metadata.lang: en_GB
metadata.name: dc.relation.ispartofseries
metadata.value: St Petersburg University Journal of Economic Studies;Volume 38; Issue 4
metadata.lang: -
metadata.name: dc.subject
metadata.value: behavioral supervision
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: consumer rights
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: ESG transformation
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: “green” economy
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: investment life insurance
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: mis-selling
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: payment insurance protection
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: sustainable development
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: unfair business practices
metadata.lang: en_GB
metadata.name: dc.title
metadata.value: Unfair commercial practice (misseling) as a barrier to the ESG transformation of the Russian banking business
metadata.lang: en_GB
metadata.name: dc.type
metadata.value: Article
metadata.lang: en_GB
resources.filename: 05.pdf
resources.url: https://dspace.spbu.ru/bitstream/11701/39000/1/05.pdf
resources.format: Adobe PDF
resources.size: 740,27 kB