Bank of Russia receives more complaints and petitions in October

In 2018, the Bank of Russia received as many as 10.8 thousand complaints against credit institutions. This is 24% more than the previous month (seen as a kind of seasonal surge against the previously recorded drop). As before, the bulk of them (39%) is related to consumer lending issues – although their share is down one percentage point from September.

Non-bank financial institutions were the subject of 6.6 thousand complaints, also marking a 24% rise on September. The regulator has noted the substantial decline in the number of appeals in this segment as a long-term trend: in the first ten months of 2018, there were 25% fewer such complaints than in the same period last year. Having said that, the number of complaints against banks went up 15%, which sent the total number of complaints addressed to the Bank of Russia between January and October higher by 4.5% than in the first ten months of 2017.

The regulator has recorded growing complaints against insurance companies in October. As many as 3.6 thousand such complaints were received, which is 5 pp up on September. OSAGO continues to draw the most complaints from financial consumers (76%), with this figure growing 6.8% against last month. The bonus-malus coefficient (BMC) is still the key issue.

At the same time, the first ten months of 2018 saw a 39% decline in the number of OSAGO-related complaints against the same period the prior year. The decline was led by a reduction in issues related to concluding OSAGO contracts electronically (–61%) and in applying BMC (–39%). Despite this, these issues topped the list of problems in the segment.

In October 2018, the regulator received 1.6 thousand complaints against microfinance organisations – an increase of 400. This may have been driven by intensified operations of illegal lenders that pretend to act as microfinance organisations, as well as the still immature financial literacy of consumers: they may fail to check on the status of the organisation they take out a loan from. In case of late payment, illegal lenders may threaten borrowers with illegal collection methods; only law enforcement authorities can be of help then. The analysis of consumer complaints related to collection – which tops the list of complaints related to microfinance organisations, tends to reveal that only an immaterial number of offences are committed by microfinance organisations themselves.

The aggregate number of complaints (including other complaints, appeals and suggestions) the regulator received from financial consumers in October was 20.8 thousand.

27 November 2018

× Закрыть