Financial consumers file less complaints with the Bank of Russia

In June 2018, the regulator received 10.5 thousand complaints against banks, 2% less than in the previous month. 6% less complaints against non-bank financial institutions were submitted as compared to May’s readings, totalling 7.8 thousand. Thus, a slight decline in the number of complaints and petitions that began in May, continues.

In 2018 H1, more than 140 thousand complaints were submitted to the Bank of Russia, 130 thousand of which were filed by financial consumers¹.

Compared to the same period last year, 2018 H1 saw a 13% increase in the number of complaints.

As usual, complaints against credit institutions accounted for more than a half (amounting to 69 thousand) of all petitions received by the Bank of Russia. The largest share (39%) was seized by complaints concerning consumer lending.

48 thousand complaints were related to non-bank financial institutions, accounting for 35% of the total. The overwhelming majority of petitions (over 32 thousand) involved activities of insurance agents, of which 84% were complaints about OSAGO.

More than 6 thousand complaints (4.8% of the total complaints submitted in 2018 H1) were against microfinance organisations.

¹ Excluding other complaints, petitions and suggestions.