Bank of Russia reviews over 300 applications for business reputation recovery

Throughout its operation the Complaint Review Commission has reviewed 308 inquiries against the Bank of Russia’s decisions on incompliance with qualification or business reputation requirements. This is evidenced by the data as of 1 July 2019.

The Commission has been reviewing complaints from officials and major shareholders (stakeholders) of credit and non-bank financial institutions about the groundless recognition of their incompliance with the established requirements since 28 January 2018. Throughout this period the Bank of Russia received 396 inquiries, 351 of which are associated with the activity of credit institutions and 45 are associated with the activity of non-bank financial institutions.

The Commission satisfied 151 complaints; 15 inquiries were declined due to the lack of information related to the complaint subject matter in the database. One of the key problems is incompleteness of information provided by complainants to confirm their non-involvement in violations in operations of the financial organisation. For this reason the Commission declined to review 20% of complaints received in 2019 Q2. As of 1 July 2019, 14 complaints were under review.

In accordance with the effective law, a complainant’s business reputation may be recovered if they confirm their non-involvement in decision-making that entailed negative implications for the financial institution. This being the case, the Commission’s decisions constitute a legal ground for the Bank of Russia to remove the complainant’s data from the relevant database.