Source: Central Bank of the Russian Federation in English
In January–June 2019, the Bank of Russia received 128.7 thousand complaints from financial consumers. This is 4.9% less than in the same period last year. As in 2018, this positive trend was driven by a significant reduction in the number of complaints against non-bank financial institutions (NFIs).
As is customary, credit institutions accounted for more than a half (57.5%) of the complaints submitted to the Bank of Russia in January–June 2019. The regulator received 74 thousand such complaints, which is 0.8% more vs 2018 H1. Consumer and mortgage lending issues remain the most topical ones. Yet, in 2019 H1 the number of related complaints decreased by 5.4% and 38.4% respectively. As a result, the share of complaints received by the Bank of Russia regarding those issues reduced: from 40.5% to 38.1% on consumer loans, and from 16.7% to 10.2% on mortgage loans.
In January–June 2019, the Bank of Russia received 46.8 thousand complaints against NFIs, which is 18.8% less than in the same period last year. That was largely driven by a nearly 40% decrease in the number of complaints against insurance agents as compared to January–June 2018. The above trend primarily resulted from a lower number of complaints about OSAGO (compulsory motor third-party liability insurance). They reduced by 42.7%, with the application of the bonus-malus coefficient (BMC) remaining the major issue.
Complaints against professional securities market participants decreased by one-third vs January–June 2018.
The number of complaints against collective investment entities reduced by approximately 40% to 1.3 thousand. Complaints in that segment were mostly caused by disagreement with the migration from the Pension Fund of Russia to non-governmental pension funds (NPFs) and between NPFs. In 2019 H1, the number of such complaints was down by 23.8%.
However, the Bank of Russia recorded a higher number of complaints against microfinance organisations (MFOs). They totalled 14 thousand, which is one-third more than in 2018 H1. Most complaints against MFOs (50.2%) were related to actions aimed at debt recovery under microloan contracts. The findings of the analysis showed that a significant share comprised complaints against debt recovery professionals.
Starting from February 2019, complaints about mis-selling have been classified as a separate category. In February–June, the Bank of Russia received 1.8 thousand such complaints, most of them related to banks (65.7%). A substantial share of complaints about mis-selling involved investment life insurance offered by banks to their customers as an alternative to deposits.
5 August 2019