Bank of Russia notes increased number of complaints about pension funds

In March 2018, the number of complaints and petitions submitted to the Bank of Russia with respect to collective investment agents was 240, or more than twice as high as in February. Nearly 50% of petitions were related to the disagreement of individuals with the transfer of their pension savings from the Pension Fund of the Russian Federation to non-governmental pension funds (NPF) or from one NPF to another.

The number of complaints about microfinance organisations also rose (up 19% vs. the previous month), which could be related to the increased number of microloans extended during the New Year holidays. People often view reminders to repay overdue debt as threats and turn to the regulator.

Overall, the Bank of Russia received 8.3 thousand complaints about non-credit institutions and 12.8 thousand complaints about banks. As in February, the largest share of complaints about credit institutions (40%) concerned consumer lending.