Number of complaints about misselling halved in 2023
In 2023, the Bank of Russia received 325,300 complaints from financial consumers. This is 7.7% less than in 2022, including due to a decrease in the number of complaints associated with sanctions.
Among the trends of the last year, we can note the receipt of mass template requests on checking the bonus-malus coefficient, that is the accident-free driving indicator. However, such requests were generated by intermediaries for a fee, rather than by drivers themselves, although individuals may do it on their own and for free if it is necessary. The number of such complaints in the fourth quarter decreased by 43% compared to the first quarter, owing to a set of measures taken by the Bank of Russia and insurance companies. In general, the number of complaints associated with the activity of insurers decreased by 19.3% without taking into account template requests.
Also, clients of microfinance organisations (MFOs) submitted mass template requests. They believed the promises of pseudo-experts who proposed reducing the amount of the debt. The applicants requested the regulator to check loan agreements for hidden overpayments, imposed insurances, and additional services that were not confirmed. The number of complaints against MFOs declined (by 3%) if we do not take into account such requests and complaints about fraudsters applying for loans under someone else’s name. The Bank of Russia expects that the law on the self-ban on loans and microloans, that is being prepared for the second reading, will help solve the problem with fraudulent loans.
The number of complaints against banks that are associated with sanctions significantly decreased — 7.3 times. In general, the number of such complaints against banks decreased by 5.7%, whereas households complained 8.6% less frequently about the consumer lending, and 17.2% less frequently about the mortgage lending. This was due to the conduct supervision carried out by the Bank of Russia and the gradual strengthening of market leaders’ customer focus. However, complaints about fraud via social engineering became more frequent. To combat fraudsters, changes have been made to the legislation and they will come into force this summer.
The total number of complaints against securities market participants declined 3.3 times owing to a decrease in the number of complaints associated with sanctions, among other reasons. However, by the end of the year, the Bank of Russia recorded a surge in requests relating to the imposition of sanctions against Public Joint-Stock Company ‘SPB Exchange’ and the subsequent suspension of trading in foreign securities.
It is important to mention that the number of complaints about misselling halved i.e. decreased from 4,600 to 2,300. Amid the mass control measures taken by the regulator, the number of cases of incorrect sales under the guise of depositing investment products, investment and endowment life insurance policies, decreased significantly (by 47.8% and 42.6%, respectively).