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“Mystery shopping is an important surveillance tool that provides information on the real market situation when this cannot be achieved through routine surveillance measures: inspections, surveys, etc. This study allows us to better understand the mistakes made by participants of the market and develop recommendations to help prevent them in the future. And infringers identified in this way will receive more attention from us, “says Jekaterina Govina, Director of the Financial Market Supervision Service of the Bank of Lithuania.
A mystery shopper investigation can be conducted to determine whether the financial services provided meet legal requirements, identify areas where wrongdoing is most common, and assess how financial market participants have implemented the recently enacted legal requirements.
According to the information, the objects of such research are investments, insurance and pension accumulation, other financial services and products provided or offered by supervised financial market participants or other persons. The Bank of Lithuania may conduct mystery shopper research itself or, as in this case, use professional mystery shopper service providers.
The information obtained during the mystery shopper investigation may not be a basis for imposing sanctions, but after assessing it, the Bank of Lithuania may initiate an inspection, issue binding instructions, issue recommendations or examples of good practice, prepare and publish summary reviews. of evaluations, inform people about the evaluation and its results. , whose activities have been evaluated, to provide methodological assistance.
A mystery shopper survey conducted in two different periods this year showed that investment services provided by specific financial brokerage firms may have been offered and advertised during consultations and training.
Only people included in the public list of intermediaries dependent on financial intermediation companies have the right to offer and advertise such services. Since the hosts of these events were not included in said list, these entities were not empowered to offer and advertise the services of the represented companies, and their activities may have violated the Law on Markets in Financial Instruments. In order to avoid possible violations of the legal acts regulating the financial market and to examine the factual circumstances in more detail, the Bank of Lithuania will contact these entities directly.
It is strictly forbidden to use the information published by DELFI on other websites, in the media or elsewhere, or to distribute our material in any way without consent, and if consent has been obtained, it is necessary to indicate DELFI as the source .
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