Regulations on mystery shopping exercises
The Board of the Bank of Lithuania approved the regulations for the assessment of financial market participants through mystery shopping exercises. The exercise might be aimed at assessing financial services or products, including insurance and pension accumulation services and products, offered or provided by the supervised financial market participants or other persons.
During the exercise, the Bank of Lithuania staff or external examiners would act as potential or existing clients and, under a predetermined scenario, gather information via a questionnaire and report it to the Bank of Lithuania. It would not be necessary to actually make the purchase, i.e. an agreement on the financial service may not be concluded, thus assessing the financial market participant and its behaviour in the pre-contractual phase. The purchase might also not be made when the assessment is carried out by the financial market participant’s existing client.