title: Accreditation of senior investors and consumers through financial literacy testing
metadata.name: dc.contributor.author
metadata.value: Molodyko, Kirill Yu.
metadata.lang: -
metadata.name: dc.contributor.author
metadata.value: Veselsky, Victor S.
metadata.lang: -
metadata.name: dc.contributor.author
metadata.value: Annenkova, Karina A.
metadata.lang: -
metadata.name: dc.date.accessioned
metadata.value: 2024-01-25T18:22:07Z
metadata.lang: -
metadata.name: dc.date.available
metadata.value: 2024-01-25T18:22:07Z
metadata.lang: -
metadata.name: dc.date.issued
metadata.value: 2023-12
metadata.lang: -
metadata.name: dc.identifier.citation
metadata.value: Molodyko K. Yu., Veselsky V. S., Annenkova K. A. 2023. Accreditation of senior investors and consumers through financial literacy testing. Pravovedenie 67 (4): 445–461. https://doi.org/10.21638/spbu25.2023.404
metadata.lang: en_GB
metadata.name: dc.identifier.other
metadata.value: https://doi.org/10.21638/spbu25.2023.404
metadata.lang: -
metadata.name: dc.identifier.uri
metadata.value: http://hdl.handle.net/11701/44722
metadata.lang: -
metadata.name: dc.description.abstract
metadata.value: In the US and UK, a lot of attention is paid to protecting the rights of older investors and consumers
  of financial services. In particular, a part of brokers, investment advisers are being
  tested in the US for understanding of the specifics of working with older investors. However,
  older investors themselves are only tested for scientific purposes, and the results of such tests
  have no regulatory implications. In some jurisdictions the brokers rejected the proposals of the
  regulators to include testing elements into the qualifications of investors. In Russia in 2021 the
  tests were introduced for non-qualified investors for access to the acquisition of medium-risk
  assets and margin loans, but without the separate test for elderly investor. We believe that older
  63+ investors, given the high probability of dementia development, should be tested for financial
  literacy by independent from brokers universities annually. Testing should be separate for
  traditional products and cryptoassets respectively. Depending on the result of the test and the
  personal desire of the elderly investor, such dynamic restrictions may be introduced as the bans
  on purchasing certain products, margin loans, purchasing financial products remotely, also
  mandatory video recording of purchasing a product in the office, as well as a ‘second hand’,
  that is, confirmation all or major transactions by a family member. Testing will protect not older
  investors only but also the brokers, investment advisers from being accused of selling nonsuitable
  products to these clients.
metadata.lang: en_GB
metadata.name: dc.language.iso
metadata.value: en
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: Pravovedenie;Volume 67; Issue 4
metadata.lang: -
metadata.name: dc.subject
metadata.value: senior investors
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: elderly consumers
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: mis-selling
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: retail investor protection
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: financial literacy
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: dementia
metadata.lang: en_GB
metadata.name: dc.title
metadata.value: Accreditation of senior investors and consumers through financial literacy testing
metadata.lang: en_GB
metadata.name: dc.type
metadata.value: Article
metadata.lang: en_GB
resources.filename: 04.pdf
resources.url: https://dspace.spbu.ru/bitstream/11701/44722/1/04.pdf
resources.format: Adobe PDF
resources.size: 783,88 kB