The level of awareness of consumers affects the number of complaints to the Bank of Russia: statistics for 9 months of 2019

In January–September 2019 the regulator received 185,2 thousand complaints from consumers of financial services, which is 4.2% less than in the same period of the previous year, according to data Service for consumer rights protection and ensuring the availability of financial services the Bank of Russia

The number of complaints against credit institutions amounted to 105.6 thousand, their share has traditionally accounted for more than half of all complaints to the regulator, amounting to 57%.

The highest proportion of complaints against banks is the consumer (38.9%) and mortgage (10.3%) of lending. However, in comparison with January–September 2018 the proportion of complaints according to the segments decreased by 1.6 and 5.6 PPT, respectively.

In respect of non-credit financial organizations (NFO) received 67,9 thousand complaints, which is 15.3% less in comparison with the same period of 2018. The drop was mainly due to the reduction of 37.2% in the number of complaints in respect of subjects of insurance business (SRD), which was a consequence of how the regulatory innovations and the implementation of preventive behavioral supervision. However, complaints of SSD are still the majority (47.7 per cent) of all complaints against the FLN received by the Bank of Russia, their number exceeded 32 thousand. The main driver to reduce complaints against SSD remains insurance, which accounts for 80% of the complaints about this segment. The number of complaints, dealing with insurance, for 9 months of 2019 dropped 40.3% to 25.9 per thousand.

The main problem in the CTP segment remains the use of the coefficient of bonus-Malus (MSC) – this issue received more than half (54.4 per cent) of complaints in relation to insurance. On the background of application of the new calculation procedure of MSC, which entered into force on 1 April 2019, there is also a marked drop in complaints by 36.8% in comparison with January–September 2018, to 14.1 thousand complaints.

For 9 months of 2019, the number of complaints received with respect to microfinance institutions (MFIs) increased by 33.3% compared to the same period in 2018, their number amounted to 21.1 thousand. In this segment, the proportion of complaints (to 17.1%) relative to exceeding the size limit of accrued interest under the loan agreement. This is largely due to the broad informing citizens about regulatory innovations in the restrictions limiting the size of the debt and daily interest, and accepted by the Bank of Russia measures to refund to the consumer the overpayment on contracts of consumer loan. In August and September 2019, there has been a downward trend in the number of complaints on this topic, which resulted in a reduction in the total number of complaints against MFI received in these months.

In January–September 2019 in relation to the subjects of collective investment market received 2.4 thousand complaints, which is 14.7% less than in January-September of 2018.

In contrast to 2018 in the current year has become a considerable percentage of grievances related to Bureau of credit stories (BKI). They received 3.9 thousand, the increase was against the background of expanding the channels for information on credit history. Most enrolled in Bank of Russia complaints of BCI (48.9%) are associated with the procedure of obtaining a credit report.

Cross-sectoral complaints on misselling that the regulator began to allocate in a separate category from February 2019, primarily linked to investment life insurance (coli) – the proportion of such complaints was 44.4%. While most consumers complain about the credit institution (of 62.3% of all complaints misselling), which is one financial product to sell another. However, at the present time there has been a trend in the reduction in the number of complaints on this issue. In particular, this was the result of the introduction of new requirements to the sale of life insurance policies, especially coli.

The result of consideration of complaints by the regulator was 1727 prescriptions issued by financial institutions, to eliminate or prevent violations, as well as 2577 protocols on an administrative offense.

6 Nov 2019